Reportable income group

A reportable income group is used to group companies or process levels within a vendor group for the sole purpose of creating reportable income forms and tapes. You define a reportable income group and then assign companies or process levels to the group.

Because you will generate 1099 forms and tapes by reportable income group, you should define at least one group for each tax identification or registration number that you will need to report on. The reportable income group name and address is used on the reportable income forms and tapes. You can define and change reportable income groups at any time to fit your income reporting needs.

If you have only one company, which represents a single legal entity, you will most likely find that defining one reportable income group for the company meets your needs. If you have multiple legal entities, you will want to define a reportable income group for each entity, whether that entity is defined as an accounts payable company or a process level.