March 22, 2017
Dynamics NAV Coffee Break How to Correct and Print 1099 Tax Forms
It happens all the time, you didn’t realize a customer was a 1099 vendor, or their vendor card wasn’t set up properly from the beginning; fortunately, it is fairly simple to correct and print a 1099 tax form in Dynamics NAV. This video provides an overview on correcting and printing 1099 tax forms in Dynamics NAV. Gwen demonstrates how to ensure a vendor has a 1099 code in their vendor card, how to update ledger entries, indicate if a vendor and/or transaction is 1099 liable, and how to print out the 1099 once complete. You can view this video and many other video tutorials for Dynamics NAV at ArcherPoint's YouTube Channel. For your convenience, the video transcript for correcting and printing 1099 tax forms in Microsoft Dynamics NAV ERP follows: All right. Today’s coffee break is on correcting and printing 1099s. As we all know, we get to the beginning of the year. We get ready to issue our 1099s and we realize that we have not been collecting 1099 information for a given vendor and we need to make some corrections, so that we can prevent the 1099. It’s not uncommon. Either you didn’t know they were a 1099 vendor or that you weren’t set up properly. It doesn’t really matter. It fits this bill the same. So what you do is you go to the vendor card first. So I go to Departments and I’m going to go ahead and go to Purchases, Planning and open up my vendors. So the first thing we want to do is look at the vendor’s card and make sure that there is an IRS 1099 code established. All right? So if there isn’t one, you can go ahead and put it in there or if there is one, great. Maybe the transactions just weren’t flagged as 1099 transactions. So once that has been confirmed, you’re going to go to their ledger entries. So I’m going to go up here to History and click on the ledger entries and I have all the invoices and payments for this particular vendor and they are not showing up when I print my 1099s. So I need to edit these entries to show both of their 1099 – that they have a 1099 code and that there is the 1099 amount. So I’m going to right click and go to Choose Columns and I want to see two columns. One is the 1099 amount. I’m going to add that and the other is the 1099 code. So I will add that as well. I’m going to go ahead and move these up, just to make it easier for us to work. All right. I click OK. And it’s just going to rebuild that screen, so that I can see those two columns. So as you see, all these invoices do not have a 1099 code and they don’t have a 1099 amount. So what we want to do is just go ahead and edit this list and what you do is you put in here the amounts. Now remember, this is a vendor’s invoice. So the amount is going to be negative just like it was originally. So I just put in the original amount. One thing to note while I’m doing this is that the entire invoice may not have been 1099-liable. So in other words, maybe we got a service from this vendor and that is 1099-liable, but maybe there were some paths through cost that would not fall into that category and this 1099 amount doesn’t necessarily need to be the same nor should it be the same as the original amount of the invoice. I just realized I made a mistake. Let me fix that. So in this case, I’m just going to go ahead and put in the same amount as the original invoice. But I want you to know there’s some flexibility there. So once that’s done, I just need to select the code that is appropriate for this vendor and I’m going to choose the non-employee compensation code and I’m just going to go down the list and do the same thing. OK. One other thing that you need to know is that if an invoice has not yet been paid, it’s not going to show up in your – on your 1099 form. So you should still go ahead and put the amounts and the codes in here because it will make a difference in the future once this is paid. But just know that you’re not expecting to see that amount on the actual 1099 form. So you will just go down the list and you will update each of the invoices. It’s a little tedious. But it’s not the end of the world. You usually don’t have that many. Make sure that you put in the code on each of them and lastly, we will go ahead and put this one in. All right. So now that I’ve done that, I can go ahead and get out of the screen. I’m clicking OK and I can print my 1099 reports. So if I click up here on report for this vendor card and I go to 1099 – Vendor 1099 Miscellaneous and I put in my calendar year. I can go ahead and print them right from here, right? So that’s it. It really is that easy and you can also – prior to printing the actual forms, you can go into Vendor 1099 Information and go ahead and preview that report and that will show you all the different forms and the amounts that you should expect to see when you print the 1099s. That’s it! That concludes our lesson on correcting and printing your 1099s. Thanks for watching this ArcherPoint video. If you found it helpful, make sure to check out our website and blog at www.ArcherPoint.com. Additionally, if you have any questions regarding our products, services or information in this video, feel free to email us at email@example.com. Thanks.
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