1099 Reporting Setup

In Advantage Financial, the 1099 Reporting Process includes defining reportability for Vendors, Objects, Sub Objects, Balance Sheet Accounts, and Sub Balance Sheet Accounts. 1099 Reporting also includes the collection of information for events that are subject to 1099 reporting, and reporting the 1099 income to the Internal Revenue Service (IRS).

The following are key pages that are used to set up 1099 Reporting.

Page Name	Page Code	Description
1099/1042-S Date and Transaction Parameters	1099D	This page allows users to specify 1099 reporting parameters by date and transaction code. This table is used as input to the 1099 process. While the 1099 process normally selects records on a calendar year, this process will allow you to select records based on a date range. Entries on this table are not required. If a record is not entered into the Date and Transaction Parameters table, Advantage will follow the current logic of processing on a Calendar Year.
1099 Type of Income	TINC	This page allows you to define the valid values for an income type and the Form Type used in the 1099 reporting process. This table is linked to the Object, Sub-Object, Balance Sheet Account, and Sub-Balance Sheet Account pages to define the valid Types of Income. The 1099 Type of Income table supports the 1099-S, 1099-MISC, 1099-INT, 1099-G,1099-A, 1099-C, and 1099-R Form Types. The 1099 Type of Income page is also used to define the threshold amounts for each type of income associated with a 1099 Form. You can add, modify, and delete information on this page. Note: Consolidation for 1099-S Box 5 is not supported by the Offline 1099 process. Data must be updated through the 1099R page to report this amount on the form.
1099 Reporting Classification	1099CL	This page establishes valid 1099 Reporting Classification codes. It is also used to establish the relationship between the Vendor Organization Type, Vendor Organization Classifications, TIN Types and 1099 Classifications.
Valid Vendor Organization and 1099 Reporting Classification	VORGCL	This page establishes the valid combinations of Organization Type, Organization Classification, TIN Type, and 1099 Reporting Classification. The system validates the vendor record against this table when creating or modifying vendor records using either the vendor page or the vendor transactions.