ERP Software Logo

Microsoft Dynamics vendors provide comparisons and opinions to professionals in the ERP/Accounting software selection process

 
 

Myappsanywhere

‘Tis the Season for 1099s: Dynamics GP 2013 Just Made it Easier


    Email | Print

    There's good news out there for Microsoft Dynamics GP users dreading the 1099 season: with GP 2013, filing and updating 1099s has become much easier.

    Prior to Dynamics GP 2010, users needed PSTL to update 1099 amounts. In GP 2010, updating 1099 information and amounts became slightly easier, but the task was still all or nothing and users had limited editing ability.

    Fortunately, filing tasks are much easier to accomplish in GP 2013. In GP 2013, you can now edit a Vendor’s details, like the 1099 type, 1099 box, and individual transaction and amounts. 1099s can now be edited on a transaction-by-transaction basis. This ability means that the toughest task in filing 1099s--proofing--is much simpler to accomplish.

    As you begin your 1099 filing process for the year, follow these steps to ensure your processing is smooth and accurate:

    Researching and validating 1099 data

    1. Start by reviewing the Vendors identified as 1099 recipients
    2. You can use a Purchasing>Vendors>1099 Vendors SmartList for this
    3. Add the following columns: Address 1, Address 2, Address 3, Tax ID Number, 1099 YTD, Amount Paid YTD and Current Balance
    4. This modified 1099 Vendors SmartList will show all Vendors currently set as 1099 Vendors and their current 1099 YTD amount

    Take note of which 1099 Vendors have incorrect 1099 amounts

    1. Change the search filter for 1099 Type to "is equal to">"Not a 1099 Vendor." This will enable you to verify there are no Vendors on this list that should be marked as a 1099 Vendor.
    2. Take note of which non-1099 Vendors should be marked as 1099 Vendors. These will be fixed later on.

    Reviewing the individual 1099 transactions

    1. Use the Purchasing>Payables Transactions>Transactions by Vendor SmartList to review which payments are valid 1099 payments as well as non-1099 transactions that should be labeled as 1099 transactions.
    2. Add the columns 1099 Amount and 1099 Type, and then add the following search filters: 1099 Type>"is not equal to">Not a 1099 Vendor; Document Type>"is equal to">Invoice; Document Date>"is between">01/01/2013 and 12/31/2013. This will pull all Vendors currently set as a 1099 Vendor and will still list individual transactions with no 1099 amount.
    3. Take note of any transactions that are not marked as a 1099 transaction or any 1099 transaction that should not have been marked as such.
    4. Now that you have verified your 1099 Vendors and have reviewed the 1099 individual transactions, you are ready to begin making the edits that are required.

    Changing a Vendor to a 1099 Vendor

    1. You can change a Vendor's 1099 type whenever you need to and as often as you need to by going to Cards>Vendor and clicking on the Options button at the bottom. You can change the 1099 type here, then click the OK button to close the Options Window, then click the Save button on the Vendor Maintenance Window to close it.
    2. New transactions posted will then begin to update the new 1099 type totals; however, prior posted transactions will not change automatically. You will need to change these transactions or amounts individually.
    3. You are ready to make any individual transaction corrections required.

    Editing individual 1099 transaction details

    1. Go to Transactions>Purchasing>Edit 1099 Transaction Information
    2. Look up the vendor in question
    3. Change the Include option to All Debit Transactions
    4. Click the Redisplay button and edit the 1099 details for the transaction in question.
    5. When you have finished making all the necessary corrections for this Vendor, click on the Process button. You will get a report on all of the changes made.
    6. Once you have completed all of the corrections required, you are ready to print your 1099s. Go to Microsoft Dynamics>Tools>Routines>Purchasing>Print 1099.
    7. Confirm your company’s Federal ID Number.
    8. Select the applicable year for the 1099.
    9. Select the type of 1099.
    10. Select the correct Form Type.
    11. Select an appropriate range of Vendors for which to print 1099s.
    12. Select the order the 1099 forms should print in.
    13. You can print an edit list for final proofing. Click the printer icon at the top right of the window, and you can print an Alignment Form to test the layout.

    Once the edits are complete, click Print and you're done!

    You can find out more about 1099s or Dynamics GP 2013 at Myappsanywhere.

    by Myappsanywhere

    One Response to “‘Tis the Season for 1099s: Dynamics GP 2013 Just Made it Easier”

    1. I enjoy reading this post. Thank you for sharing