Step 3. Print 1099 reconciliation report

Accounts Payable Year End

Print the 1099 reconciliation report and then use it to review the invoices and vendors. If a vendor is missing from the 1099 reconciliation report, you should verify the vendor's 1099 type, 1099 ID, and recipient information. If the invoices are not correct, continue to step 4 to correct 1099 amounts.

Compare balances on the 1099 Reconciliation Report - All 1099 Vendors to the balances on the 1099 Reconciliation Report - All 1099 Invoices. Both reports should have the same total. If the reports do not balance, look for a check or invoice that needs to be corrected.

When you're done, the grand total on the 1099 Reconciliation Report - All Vendors should match the grand total on the 1099 Reconciliation Report - All 1099 Invoices.

First, print the 1099 reconciliation report - all 1099 vendors

Second, print the 1099 reconciliation report - all 1099 invoices

Third, verify reconciliation reports

First, print the 1099 Reconciliation Report - All 1099 Vendors

1. Open Connect Accounts Payable > Vendors > 1099 Reconciliation Report.

2. Use the Title box to select 1099 Reconciliation Report - All 1099 Vendors.

Title

3. Change the Report Dates to select the tax year (1/1/YYYY to 12/31/YYYY).

Report dates

4. Click Print (CTRL+P).

Can I save a report as an Excel, PDF, RTF, or TXT file?

How do I print my report preview?

Place the report aside and print the 1099 Reconciliation Report for all 1099 invoices.

Second, print the 1099 Reconciliation Report - All 1099 Invoices

1. Open Connect Accounts Payable > Vendors > 1099 Reconciliation Report.

2. Use the Title box to select 1099 Reconciliation Report - All 1099 Invoices.

Title

3. Change the Report Dates to select the tax year (1/1/YYYY to 12/31/YYYY).

Report dates

4. Click Print (CTRL+P).

Can I save a report as an Excel, PDF, RTF, or TXT file?

How do I print my report preview?

Place the report aside. Continue to Step 3. Review 1099 Reconciliation Report.

Third, verify 1099 reconciliation reports

For each 1099 vendor, use the 1099 Reconciliation Report for all vendors and the 1099 Reconciliation report for all 1099 invoices to answer the following questions.

Is the 1099 vendor listed on both reports?

Yes, the 1099 vendor is listed on both reports. Continue to the next question.
No, a 1099 vendor is missing from one or both reports. You'll need to do a little troubleshooting to find out why the vendor is missing. You may need to use Modify Existing Vendors (Accounts Payable) to verify the vendor's 1099 information. For example, the 1099 vendor will not show up on the report if the vendor is not set up as a 1099 vendor. If that's correct, after you change the 1099 vendor type in the vendor record you might also need to use Adjust 1099 Balances to update the 1099 type, 1099 amount, or both the 1099 type and 1099 amount on the 1099 vendor's invoices.

Is the vendor name and contact information correct?

Yes, the vendor name and contact information is correct. Continue to the next question.
No, the vendor name and contact information is NOT correct. Use Modify Existing Vendors in the Accounts Payable application to update the vendor's name, contact information, and 1099 type. Remember, the 1099 vendor will not be included on the report if the vendor is not set up as a 1099 vendor. To learn more, see Verifying 1099 Vendor Information (Step 3a).

Are the vendor amounts correct?

Yes, the vendor amounts are correct. Continue to the next question.
No, the vendor amounts are NOT correct. To enter the correct amount, use Adjust 1099 Balances. The invoice will not be included on the report if the invoice does not include a 1099 type and 1099 amount. To learn more, see Step 3b. Correct 1099 Amount and Type.

Do you need to remove a non-1099 vendor?

Yes, I need to remove a vendor from the report. This is a two-step process. First, remove the 1099 type and amount for each invoice that's tied to the vendor. To learn more, see Removing 1099 Type and Amount from a Non-1099 Vendor. Second, update the vendor record to remove the 1099 vendor information and assign the 1099 vendor type to None. To learn more, see Removing 1099 Vendor Type From a Vendor.
No, I do NOT need to remove a vendor. Continue to the next vendor. Repeat the previous questions until you have checked every 1099 vendor. When you have checked every 1099 vendor, continue to Step 4. Print Final Copy of 1099 Reconciliation Report.

202311, 2023Dec20