Many companies in the United States issue 1099 forms to vendors. A company may pay a vendor for a variety of goods or services and the Internal Revenue Service requires that these payments be categorized and printed in the appropriate boxes on the correct 1099 form.

 

In the past, Microsoft Dynamics GP users could specify one 1099 type per vendor and the 1099 amounts captured over the year were printed in one box on the 1099 form. This could make tracking 1099 amounts and printing the forms very difficult from Microsoft Dynamics GP in certain situations.

 

The 1099 enhancements made in Release 10.0 assist users that issue multiple 1099s to a single vendor as well as track 1099 amounts per box number. Users continue to set a 1099 Tax Type on the vendor card and still need to specify a default 1099 box number.

 

When invoices are entered for 1099 vendors the tax type and 1099 box number default on the transaction; however users can edit the tax type and box number to suit the needs of the invoice. Once the invoice is paid the appropriate 1099 box number amount field is updated. At the end of the calendar year, users can print out the 1099 forms they need for each vendor and the system will print each 1099 box number amount in the appropriate box on the designated 1099 form.