40590

If the new 1099 year was not initialized at the correct time and there have been payments generated for the vendors in the new calendar year, can this be corrected?

Cause:

If the 1099 is not initialized at the correct time, the Paid This Year values include prior year and current year totals, which would reflect incorrectly on the 1099 Form.

Resolution: 

There are 3 options for resolving this issue: 

Option #1:  

1. Restore to a backup that is prior to when the payments were processed in the new calendar year.   
2. Next, go to the Utilities > 1099 Initialization and run the 1099 initialization Utility.  
3. Reprocess the Accounts Payable checks in new calendar year.

Option #2:  

1. If the 1099 Initialization has not been run yet, go to the Utilities > 1099 Initialization and run the 1099 Initialization utility.  
2. Go to the Accounting > Accounts Payable > Form 1099 Processing > Generate Work file and generate a new 1099 work file.  
3. Run the Verify Payments Report under the Form 1099 Processing.  
4. Go to Info Center > Vendors > Accounting tab and manually update the Paid Last Year field to match what was paid in the prior calendar year (and would show on the Verify Payment Report in the Total Payments Processed column)
5. Go to Accounting > Accounts Payable > Form 1099 Processing > Generate Work file and generate a new 1099 work file. 

 

Option #3:  

1. If the 1099 Initialization has not been run yet, go to Accounting > Void Check. Void all checks and AP Disbursements for the new calendar year.
2. Go to the Utilities > 1099 Initialization and run the 1099 initialization Utility.  
3. Go to Accounting > Accounts Payable > Form 1099 Processing > Generate Work file and generate a new 1099 work file.  
4. Reprocess the Accounts Payable checks for the new calendar year.