Microsoft Dynamics GP 1099 Year-End Close Tutorial

Microsoft Dynamics GP 1099 Year-End Close Tutorial

Follow these simple steps to make your year-end close process go more smoothly.

When setting up a vendor, you need to make sure they are entered with 1099 information so that the 1099 income will be recorded.

To set up 1099 income for a vendor:

  1. Open the Vendor Maintenance Card: Purchasing >> Cards >> Vendor
    1. Select your vendor from the lookup icon.
    2. Click the OPTIONS button.
  1. When you are done selecting your 1099 options, click OK to close the window.

3. Save then close your vendor file.

 

WHAT DID THE 1099 SETTINGS DO FOR THE VENDOR??

Look at the Payables Transaction Entry Window.  Note that when you are entering an amount in the purchases field for a 1099 vendor that the amount auto-populates the 1099 amount field.

 

When the blue arrow is selected next to the 1099 amount field a pop up window will open displaying the Tax Type and the 1099 Box number associated with the 1099 amount.

 

Close your A/P Year End

Make sure that you post all transactions for the year you intend to close before closing the year. And, be sure to back up your data before closing;

 

  1. Begin your A/P close: Microsoft Dynamics GP >> Tools >> Routines >> Purchasing >> Year End Close

 

1099 Edit Report

 

  1. Print Edit Report for 1099:  Routines >> Purchasing >> Print 1099

 

  1. Select your 1099 Type and Form Type.

 

  1. Click the PRINTER ICON to print an edit list for review. **Do not select Print Forms!!

 

  1. Review your edit list for any corrections needed and correctness.

 

How to compare your 1099 data to confirm it is correct:

There are a few different ways that you can review your 1099 data to determine that it is correct.

  1. RUN A SMARTLIST
  2. REVIEW 1099 TRANSACTION AMOUNTS
  3. Enter a vendor from your 1099 Edit Listing and pull up their history. You can add together the current year transactions showing in the listing and compare them to the 1099 Edit Listing.

 

Full Tutorial here with screenshots and tips and tricks:
1099 & PAYABLES Year-End Close

 

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Steve’s been with SMB Suite since 1998 and has been involved with nearly every aspects of the Company’s business as a strategist, professional services executive, cloud solutions architect, and senior consultant. In his current role, Steve is responsible for SMB Suite’s revenue and oversees the execution of ERP, CRM and BI projects for customers across a broad range of industries. Steve combines his expertise in MS Dynamics GP, CRM and other Microsoft products with a strong foundation in accounting and business to identify gaps and streamline customers’ processes. Prior to co-founding SMB Suite, Steve was previously Corporate Controller for MEHLE Behr and, prior to that, Audit Senior for Ernst & Young. Steve holds a Bachelor of Business Administration degree from the University of Texas at Arlington.

Jeremy is responsible for SMB Suite’s technology vision, strategy and implementation and is the architect of the Company’s Dynamics Cloud Platform. Highly adept in every facet of managed services, ERP systems and e-commerce platforms, Jeremy’s expertise spans the implementation and support of business and financial software solutions, as well as the customization and integration of SMB Suite’s cloud ERP technology stack. He holds numerous Microsoft and industry-related certifications, and was primarily responsible for designing the Company’s progressive business services platform in the early days of the Cloud. Prior to SMB Suite, Jeremy served as the financial analyst, systems administrator, and information systems liaison for a $2 billion financial services corporation.

Monty is responsible for SMB Suite’s day-to-day operation and, most importantly, its customers. As a leader, motivator and mentor, Monty creates loyal high performance teams willing to “walk through walls” to accomplish their goals. Prior to SMB Suite, Monty served as President of The Bradshaw Group (TBG), a global distributor, manufacturer, and repair facility for digital printers. In this role, he was the Company’s ambassador to its most important domestic, European and Latin American customers and TBG achieved a best-in-class Net Promoter Score of 74 for its superb customer satisfaction. Prior to TBG, Monty served as the General Manager of Sam’s Clubs three highest grossing U.S. stores and was named Regional Operator of the Year in 1999. Monty holds a BBA in Marketing from Texas Tech University and is an active member of Business Navigators. He has been active in Vistage International, Executives in Action, the Dallas/Fort Worth Retail Executives Association, as well as, A.P.I.C.S., the leading professional association for supply chain and operations management. Monty also volunteers with Hunger Busters and ManeGait, a therapeutic horsemanship organization.

David is a proven financial and information technology professional with expertise in providing business accounting software and computing solutions. He began his career by starting and managing a successful independent consulting practice for several years. He then launched the local systems consulting unit of Ernst & Young’s Entrepreneurial Services Group, leading the office into the hi-tech consulting arena. After successfully developing the unit for Ernst & Young, David founded NextCorp (which became SMB Suite in 2013) to serve the business software needs of clients throughout the US. David has made SMB Suite one of the best cloud ERP providers in the industry. In addition to being a successful entrepreneur and leader, he is a software and technology specialist, holding certifications in various Microsoft and other technologies.