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GP 2010 - 1099 and year-end

Posted on 2013-12-14
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Last Modified: 2013-12-26
I have been assigned the task of making sure everything is ok with our 1099 vendors before year end. What reports should I run in GP.  I have run the Aged Trial Balanced.
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Question by:pstre
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Expert Comment

by:Victoria Yudin
ID: 39723847
What is the definition of "everything is ok" ? :-)
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Author Comment

by:pstre
ID: 39728124
Victoria, I didn't work it correctly.  For 1099's, what do I need before sending a file to our CPA firm?  Ernest and Young prints our 1099's and sends them out.  How can I make sure that the file with 1099 vendors and payments in 2013 are correct?  I have exception smartlists set up, e.g.  Do I have 1099 vendors who have a tax id number but are not set up as a 1099 vendor?  Any other reports I should run?
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Victoria Yudin earned 500 total points
ID: 39733788
Unfortunately, there is really no easy way to make sure the numbers are correct. Usually I see companies spot check a few of the larger vendors by printing a total of all the payments to them in a particular year and comparing to the 1099 total. However, that will not always be a valid test, as you can have situations where not the entire payment to a vendor is "1099-able". For companies that suspect that there are issues with how the 1099 recording has been done throughout the year, I have written some custom reports in the past. For example, for one customer I wrote a report that pulled out payments in the calendar year based on the purchase GL accounts that the applied invoices had. In their case they had invoices where only a portion was coded to 1099, but it was easy to separate that portion, as it always went to the same set of GL accounts. This can get very complicated very quickly with partial applies, etc.

Anyway, other that the numbers, the only thing you can really check is whether all your vendors that are marked as 1099 have a tax ID number and an address. You should be able to do that under the Vendors SmartList.

If a vendor has a tax ID, but is not marked as a 1099 vendor, that is not necessarily an issue - some companies get a tax ID for every vendor, but that does not mean every vendor should get a 1099. You would need to find out what the process is for your company from the people that set up new vendors.

Hope this helps.
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Author Comment

by:pstre
ID: 39734174
Yep...that helps.  I am already using the SmartLists. I set up "exception" smartlists to pull the things you are talking about above.
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