When to Run 1099s

You can run a reportable income report at any time during the year to verify that information is being captured as you expected. Running these reports on a monthly or quarterly basis to inspect the results can help to ensure a smooth year-end process.

Run your final reportable income report and produce tapes or forms at any point after your last payment cycle for the year. Only invoices paid (issued status) in the current year are included in reportable income reports, forms, or tapes.

Example

You need to produce reportable income forms for 2003. Your reports will include any invoices that had been through the full pay cycle as of December 31, 2003. If you specify an invoice on December 15, 2003, that does not come due until January 15, 2004, that invoice is not included in your 2003 reportable income. Invoices are included in reportable income reports, forms, and tapes based on when they are paid, not when they are specified.