This screen is used for changing any incorrect information on a 1099 before it is printed. This is done after the 1099 screen has been generated with Report # 4-11, VENDOR CHECK DETAIL, and after Report # 4-7, VENDOR 1099 LIST, has been printed and examined for mistakes.
Any mistakes can be corrected by typing the correct information directly into the fields on this screen.
To view the various 1099s, use F7 or F8.
You can also use this screen to prepare 1099s independently of the information tracked and stored by the program. To do this, simply enter the correct information and then use Report # 4-8, VENDOR 1099 FORMS, to print it out by reference number. To change Payer information, go to the # screen.
Helps Accessed From the Vendor 1099 Forms Entry (‘V) Screen
File Help ('V)
Ctrl+N—clears the screen, without saving or unsaving the current record, and sets the reference number to the next available number.
F5—exits lookup.
F6—opens lookup.
F9—saves record.
Shift+F9—deletes record.
F10—goes to the Selection Screen.
Shift+F10—goes to the Menu Bar.
Esc—exits one level.
Alt+F4—exits ABC.
Ctrl+G—Gets or jumps to the address of a certain field. When you press Ctrl+G, a message box appears telling you the address of the field your cursor is on. You are also given opportunity to jump to another address. Enter the location number of the field you want to jump to, or enter F and the field number of the field you want to jump to.
Ctrl+J—accesses a Journal to record anything that you want to remember about this 1099 data. To see previous notes, press Ctrl+J. When you are done, press F9. The notes will be saved with the date and time.
Ctrl+K—accesses a second journal. It is similar to the Ctrl+J journal, but saves your notes with only the date.
Shift+F3—brings up an accountant's* calculator when your press it the first time. The second time you press it, the final calculations showing are entered into the field the cursor was on.
+ adds or totals - subtracts / divides
* multiplies ) clears ( exits calculator
= totals or equals
*If you are not familiar with an accountant’s calculator, you may want to take a little time to familiarize yourself with the differences in usage here. Figures are entered as positive or negative: i.e. 100+50-75= would be entered as 100+; 50+; 75- The answer calculates each time you press the positive or negative sign. The = sign or Enter key seldom need be used unless you are multiplying or dividing.
Reference Number ('V.0)
Reference codes are automatically and sequentially assigned to each 1099 that is generated. Enter the reference number of the 1099 that you wish to view or correct.
Date ('V.4)
The last day of the year is set as the default date, unless Report # 4-11, VENDOR CHECK DETAIL, was run for current year data. In that case, the date of the report is used. You can change the date if necessary.
Code ('V.10)
Enter the code of the vendor if you are making a new 1099 or changing an existing one.
The other fields on this screen will load automatically if the information was entered previously on the Vendor screen.
Miscellaneous ('V.11)
Enter the amount paid to this vendor which fits the Miscellaneous category, which is Non-employee Compensation, such as carpentry (building repairs or construction), commissions for non-employees, or vehicle and equipment repairs. A 1099 is required only if the total for the year exceeds $600.00.
Rent ('V.12)
Enter the amount of rent paid to this vendor for the year. A 1099 is needed only if the rent payments exceed $600.00 for the year.
Interest ('V.13)
Enter the amount of interest paid to this vendor for the year. If the vendor is in the business of lending money, a 1099 is required if the total amount is over $10.00. If the vendor is not in the business of lending money, a 1099 is required if the total amount is over $600.00.
Royalties ('V.14)
Enter the total amount paid to this vendor in royalties for the year. A 1099 must be filed if it exceeds $10.00.
This field may be used for some special cases such as W-2 wages paid by a qualifying church organization. This requires special programming.
City ('V.97)
Enter the name of the city.
Vendor Name ('V.151)
Enter the name of the vendor if it was not set up on the Vendor screen.
Vendor Address ('V.153)
Enter the vendor's street address if it was not entered on the Vendor screen.
If the telephone number was entered on the Vendor screen, it automatically displays here. If this field is blank, what you enter here updates the Vendor screen.
Employer Identification Number ('V.161)
Enter the employer identification number here if it was not entered on the Vendor screen. (This updates the Vendor screen.)
Social Security Number ('V.162)
Enter the Social Security number of the Vendor if they do not have an employer identification number. (This updates the Vendor screen.)
If this number was entered on the Vendor screen, it enters here automatically.
1099s—Generating (‘V)
The Internal Revenue Service requires that any tax payer who in the course of trade or business pays another tax payer over a specified amount (usually $10 or $600) for expenses such as rent, interest, and non-employee compensation must issue the recipient a Form 1099 at the end of the year and submit a copy to the Internal Revenue Service by February 28 of the following year. Payments made to corporations are exempt from this requirement. Following is a list of some common expenses which require Form 1099s if the recipient is not incorporated. This list is not exhaustive; it is merely a list of several common expenses.
|
Type of Expense |
1099 Required If Over |
Type of 1099 Required |
|
Interest (not in the business of lending money) |
$600.00 |
1099-INT |
|
Interest (in the business of lending money) |
$10.00 |
1099-INT |
|
**Non-employee Compensation |
$600.00 |
1099-MISC |
|
Royalties |
$10.00 |
1099-MISC |
|
Rents |
$600.00 |
1099-MISC |
**Examples of non-employee compensation:
The ABC Accounting General Ledger is capable of taking the information on record and preparing Forms 1099-INT and 1099-MISC when they are required for the expenses listed above. It prepares the Form 1099-INT for payments over $600. It does not print the $10 and up 1099-INTs required to be filed by banks. Continue reading the following information under 1099s—Required Entries.
A. On the General Ledger (G) Screen
The 1099 Field (G.4) must have a number filled in to indicate that a Form 1099 is required for payments totaling more than a specified amount ($600 in most cases but $10 for royalties paid and interest paid by a bank or anyone in the business of lending money). At the end of the year, the program has the capability to prepare 1099s for those vendors to whom you are required to furnish Form 1099s. Entering a number in this field specifies the type of 1099 required.
11 Miscellaneous Expenses (1099 MISC)
12 Rent Expenses (1099 MISC)
13 Interest Expenses (1099 INT)
14 Royalty Expenses (1099 MISC)
15 Attorney Expenses (1099 MISC)
Note that even though several of these types of expenses are reported on Form 1099 MISC, they need to be kept separate because the amounts are reported on different blocks on the form.
For example, if Equipment Rentals is account # 874, entering a 12 in the 1099 field on the General Ledger Accounts screen (G) for account # 874 will accumulate the amounts paid to all vendors who were paid equipment rentals, assuming those expenses were entered into account number 874. The program can then prepare the proper Form 1099s for any vendor who received over $600 in rentals or $600 as a combination of rentals and other expenses subject to the requirements for filing 1099s.
B. On the Company Setup (#) Screen
The business name, address, and employer identification number need to be set up on the Company Setup (#) screen.
C. On the Vendor (V) Screen
The vendor's name, address, and Social Security or Employer Identification Number must be set up on the Vendor (V) screen.
The Vendor screen also has a field which can be used to bypass the printing of 1099s. This is the N)o 1099, I)nc. field on the Vendor (V) screen. Entering an I for Incorporated or an N for No in the N)o 1099 I)nc. field will bypass the printing of a 1099 for the vendor on whose Vendor screen either of these entries has been made. This option is used if a vendor is incorporated or sells materials rather than services. In these cases, no 1099 is required.
1099s—Preparing and Printing the Forms (‘V)
To print the Form 1099s, use Report # 4-8, VENDOR 1099 FORMS. You will need to experiment a bit to line up the 1099s in the printer to have them print on the correct line. Placing the left edge of the 1099 on the left edge of the printer carriage and the top of the sheet about even with the top of the printer head is a good place to begin with a dot matrix printer. This program prepares both continuous 1099s and single page 1099s.