Not sure if you have W-9s from your vendors? No problem. This article will help you prepare your 1099s.
As we slide into fourth quarter, it’s time once again to review our vendor records.
Let’s create a report using Business Insights Explorer and see if we have the information needed.
- From the AP Explorer menu, select Vendor Payments view.
- Filter the data by check date for the fiscal year.
- Add the column Form 1099 from the AP Vendor file.
- Filter the 1099s form to be equal to N. Group by Vendor Number.
- Add a sum function for the check amount column.
Review the report for vendors who are not incorporated who you’ve paid $600.00 or more.
Request W-9’s from these vendors.
A great way to track if you’ve requested a W-9 is to create a user defined field (UDF).
- Create the custom field as a date.
- Place the UDF for the vendor record on Tab 2.
- This date field can be added to the BIE payments view.
- Now when you request a W-9 from a vendor, fill in the date.
Watch for our lunch and learn on 1099 Year-End processing coming at the end of the year.