Processing reportable income

If you track reportable income for vendors, you can create a reportable income report. This will adjust reportable income invoice information and create reportable income forms or tapes. Use this procedure to verify reportable income tracking throughout the year and to produce reportable income reports, forms, or tapes for regulatory reporting.

  1. Select Payables > Tax and Income.
  2. On the Reports and Lists pane, click Create US 1099 Output Files.
  3. In the Main section, specify this information:
    Vendor Group
    Select a vendor group.
    Reportable Income Group
    Select a reportable income group.
    Currency
    Select a currency.
    Report Type
    Select the type of form or tape to create. Miscellaneous, interest income, dividend, government payments, and merchant card and third party network payments.
    Payment Dates
    Select a range of payment dates.
    Tape Type
    Select the type of reportable income tape you want to create. You can create an Original, Replacement, or Test tape.
    Print Sequence
    Select whether to sort reportable income forms in vendor number, tax ID, or search name order.
    Name Option
    Select whether to print the vendor name or the legal vendor name on reportable income forms.
    Combined Federal/State
    Select Yes to send the K record along with the 1099. The IRS will forward to the State if the State is participating in the CombinedFed/State Program.
    Vendor
    Select up to 10 vendors so that you can limit the output to those vendors. Only invoices that have been paid within the specified date range are displayed on reportable income reports, forms, or tapes.
  4. In the Miscellaneous, Interest, Dividend, and Government Payments sections, specify a minimum amount that is required to create a form or tape. Specify the amount in the appropriate numbered box. Each box corresponds to a box with the same number on the 1099 form.
  5. In the Merchants section, specify this information:
    Program Name
    Select the procurement card program to use for this report.

    Procurement card users use this section to restrict 1099 forms, or tapes, from being created to these merchants. See the Purchasing User Guide.

  6. In the File Name section, specify a user-defined name.
  7. In the Report Distribution section, select a distribution list and export type for US 1099 Tape Creation Report.
  8. Click Submit.
  9. After this process runs, you can create a report. On the Reportable Income pane, click Payables.