10 Jan 1099 Processing Dynamics GP Year-end
Accuracy and Compliance: 1099 Processing in Dynamics GP Year-end
Creating accurate and timely 1099 statements is a dreaded annual chore. Dynamics GP makes the whole 1099 processing ordeal much easier to endure.
You can process 1099 vendors only if they have been set up in GP. So if you realize that you forgot to identify them properly in the first place you will now need to go back and fix this in the system.
Dynamics GP will automatically record 1099 amounts in conjunction with the normal payables invoice entry and check printing process. You even have the chance to adjust the 1099 amount of any invoice to reflect the actual 1099 amount. For example, if a 1099 vendor sends you an invoice that includes both services and invoices, you can edit the 1099 amount to reflect only the services portion of the invoice.
If you get to the end of the year and realize that the total 1099 amounts accumulated throughout the year are incorrect for any vendor, you can easily adjust the amounts for specific vendors in the system.
This helps ensure that you can create accurate 1099 statements and comply with federal law.
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