The 1099 form process changed beginning in 2020. Below are the instructions for generating 1099s for both the 1099-MISC and 1099-NEC forms.
Please note the type of format used by default is the Office Depot 1099 form.
Verify AP Demographics for Accounts
You need to verify the following 1099 fields on the A/P Demographics for a supplier account to ensure the 1099 statement is generated accurately. See A/P Demographics for how to change these values.
- Allow 1099 - Set this to checked to include the supplier in the 1099 generation process.
- 1099 Type - Determines if the supplier's 1099 form is NEC or MISC.
- 1099 Category - Type of 1099 income represented on the form.
Generate the 1099 Batch(es)
To generate the 1099 forms:
- Click the 1099 Statements link from the Main Menu. The 1099 Statements screen opens.
- Click the Add button. The Add 1099 Statement screen opens.
- Enter the necessary information:
- Description - Name for the batch.
- 1099 Type - Determines which suppliers are included in the batch based on the 1099 Type field set for the supplier.
- Minimum Amount - Suppliers with income amounts above the entered value are included in the batch.
- Begin Date - Start date for the batch.
- End Date - End date for the batch.
- Click the Save (disk) button. The information is saved and the screen name changes to Edit 1099 Statement.
- Click the Generate button at the top of the Edit 1099 Statement screen. The batch details are created based on the values entered in step 3.
Verify the 1099 Details
After you generate the 1099 batch, you can review the records to determine if any changes are needed before printing. To verify the 1099 statement details:
- From the 1099 Statements screen, select the batch you created in Generate the 1099 Batch(es).
- Right-click and select Edit. The Edit 1099 Statement screen opens.
- Expand the 1099 Statement Header section.
- Select a record in the section.
- Right-click and select Edit. The Edit Statement 1099 Header screen opens.
- Select the 1099 Boxes tab. This tab displays the amounts generated for the form. Review and make any updates to amounts as needed.
- Select the 1099 Detail tab. This tab displays the transactions that create the 1099 value.
- When your review is complete and any necessary changes are complete, click OK.
Repeat the above process for each record.
Print the 1099 Statements
- From the 1099 Statements screen, select the batch you created in Generate the 1099 Batch(es).
- Right-click and select Print. All records where the Print check box is checked are generated in a printable batch of 1099 forms.
Send Corrected 1099 Statements
You can generate corrected 1099 statements as needed. Momentus Technologies recommends you generate a new batch for managing any corrections. If the information you need to correct is related to an A/P Demographics change, (for example, a change in Tax ID) you need to generate a new batch after you make the change.
After you generate the new batch, check the Corrected check box for each detail as needed:
- From the 1099 Statements screen, select the new corrected batch you created.
- Right-click and select Edit. The Edit 1099 Statement screen opens.
- Expand the 1099 Statement Header section.
- Show the Corrected column.
- Check the Corrected check box for each record you updated.
- Click OK.
You can also adjust the Print check box for the details of the new batch to ensure that only the corrected 1099 statements are reprinted:
- From the 1099 Statements screen, select the new corrected batch you created.
- Right-click and select Edit. The Edit 1099 Statement screen opens.
- Expand the 1099 Statement Header section.
- Show the Print column.
- Check the Print check box for each record you want to print.
- Click OK.
1099 Statement Security
The Ability to Change 1099 Information access privilege controls the 1099 statement process. Any roles/users assigned to the privilege have access to all 1099 statement processes. Any roles/users not assigned to the privilege can view 1099 statements if they have access to menu option but cannot make any changes to the 1099 statements. If no roles/users are assigned to the privilege, it is considered inactive and all roles/users can access all 1099 statement processes.
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