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Microsoft Dynamics GP 1099 Year-End Close Tutorial

Posted by Samantha DeLaire

Jan 9, 2018

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

 

Topics: Microsoft Dynamics GP