Step 2. Print 1099 Reconciliation Reports

Account Payable Year-end Checklist

Use the 1099 Reconciliation Report to print invoice and check information for 1099 type vendors and to verify 1099 totals. You need to make sure all 1099 vendors appear on the report and all 1099 invoices are correct. In step 3, you will reconcile the 1099 vendor total to the 1099 invoice total. When you're done, the grand total on the 1099 Reconciliation Report - All 1099 Vendors should match the grand total on the 1099 Reconciliation Report - All 1099 Invoices.

Why do I need to complete this step?

Taking the time to find and fix the errors right now will save you a lot of time with completing the Accounts Payable Year-end Checklist. If you have a lot of 1099 vendors, this step may require a lot of work and time. However, completing this step will make converting the 1099 year-end information much easier because you won't need to enter the correction in two separate applications.

Correcting an error in the converted 1099 information, means

(1) correcting the error twice: once in the converted information and once in the vendor information in Accounts Payable; or

(2) correcting the error in Accounts Payable and then reconverting the 1099 information to the Government Reporting application.