R365 offers the ability to track any 1099 eligible transactions by Vendor. This is set on the Vendor record and is unique to each Vendor. Refer to the following articles for more information on forms 1099 & 1096
1099 Historical Data
To add 1099 history (payments from your old system for the current year) to a vendor you need to create a beginning balance AP invoice and payment for the YTD 1099 amount from your old system.
- To create the beginning balance invoice & payments, click on ‘Administration’, select ‘Beginning Balance’, then select ‘AP Invoice’. Add the invoice number like '1099BegBal2018', add the vendor, update the invoice date to a date prior to your go live date in R365, add the amount into the amount field, and then select the location to set the legal entity. Once all is entered, Approve and Close.
- Next create the beginning balance payment, click on ‘Administration’, select ‘Beginning Balance’, then select ‘AP Payment’ and apply the payment to the invoice and approve and close.
- Repeat these steps for each vendor that you need to add 1099 YTD history for. FYI you may need to reopen accounting periods to add the beginning balance transactions.
1099/1096 Reports and Forms
Electronic 1099s through tax1099.com
Click here for more information on the 1099tax.com export
Pre-2017 tax year - Print 1099
Click here for instructions on how to print physical copies of the 1099 report
Pre-2017 tax year - Print 1096
Click here for instructions on how to print physical copies of the 1096 report