How Do You Setup Vendors for 1099 MISC Reporting?
IRS 1099-MISC and 1099-NEC information may be accumulated for salespersons or vendors you are required to provide with a 1099-MISC/1099-NEC form at the end of the calendar year. You are also able to print the data on the government supplied 1099-MISC form, as well as the 1096 Summary forms.
The 1099-MISC choices provided include: Rent, Royalties and Other Income. These coincide with the most used categories on the 1099-MISC form. The 1099-NEC form is used for Nonemployee Compensation.
Important: You may be required to purchase and submit both 1099-MISC and 1099-NEC so be aware of this when purchasing your forms for the end of the year.
Any Vendor who will need a 1099-MISC/1099-NEC at the end of a calendar year will need to have to have a Tax ID and the correct category assigned under the Other Expander in Vendor Setup/Manage.
Enter the Vendor’s Tax ID.
Select the correct Nonemployee Compensation category from the drop-down list.
How Do You Setup Salespeople for 1099 MISC Reporting?
Setup Salespeople for 1099 Reporting at the end of the calendar year.
Use the Salesperson Manager or the List to edit each Salesperson’s Resource and add their Tax ID information and select the correct 1099-MISC Category from the drop-down box.
When creating a new Salesperson Resource, be certain to enter their Tax ID information and select the correct 1099-MISC Category.
Enter the Salesperson’s Tax ID.
Select the Nonemployee Compensation type from the drop-down list.