Docstoc

1099 B40c

Document Sample
1099 B40c Powered By Docstoc
					                     STEPS/SETUP FOR PROCESSING 1099 AMOUNTS
                                   (Version B40c)

1         Menu: Finance/General Ledger/Display Period Master
          Session: Display Period Master (tfgld0505m000)

          All 1099 reporting is based on the tax year that is established. Since 1099’s are
          reported on a calendar year basis, the tax year must represent a calendar year
          (number of reporting periods can vary). If yours is not set up as a calendar year
          contact the Support Center.

2         Menu: Common/Parameters/Common Parameters
          Session: Maintain COM Parameters (tccom0000m000)

          Make sure “Destination Sales Tax Applicable” = YES

3         Menu: Common/Common Data/Company Data/
          Session: Maintain Company Data (tccom0100m000)

          On form two put your company’s Federal Tax ID number in the field “Tax ID of
          Own Company”.


4         Menu: Finance/Accounts Payable/Master Data
          Session: Maintain ACP Parameters (tfacp0100m000)

          Make sure “Add Reasons for Payments” = YES

5         Menu: Common/Tables/Maintain Logistics Tables
          Session: Maintain States (tcmcsl143m000)

          Enter in all of the states that you have 1099 vendors in.

6         Menu: Common/Common Data/Company Data
          Session: Maintain Payer’s 1099 Details (tccom7137m000)

          Enter information for your company.




No rights can be derived from the contents of this publication. This publication is provided for your information only.


Baan Global Support                                    Page 1                                               6/6/2011
                     STEPS/SETUP FOR PROCESSING 1099 AMOUNTS
                               (Version B40c - continued)

7         Menu: Common/Common Data/Suppliers
          Session: Maintain Supplier’s 1099 Details (tccom7136m000)

          For each supplier you’ve previously established, identify in this session those that
          need to have amounts reported as 1099 amounts. If you’ve upgraded from version
          3.1a, you should add the new state field in this session. “Account Number 1099”
          is where you identify the Federal ID number or Social Security number for the
          supplier. The field “Type of Tax ID” can optionally be used to indicate if the
          “Account Number 1099” is a “SSN (Social Security Number) or “EIN” (Federal
          ID number). Never use a one-time supplier for a supplier that needs to be
          reported for 1099 purposes.

8         Menu: Finance/Cash Management/Master Data
          Session: Maintain Reasons for Payments (tfcmg0130m000)

          Identify a three digit code for each reason required.

9         Menu: Finance/Cash Management/IRS 1099 Report
          Session: Maintain Miscellaneous Payments (tfcmg1115m000)

          Identify the box numbers and the minimum amounts for printing on the 1099
          report. Make sure to mark and maintain the reason codes that need to be
          included in each box number.

10        Menu: Finance/Accounts Payable/Transaction Processing
          Session: Maintain Transactions (for transaction type linked to tfacp1110s000)

          When entering purchase invoices, make sure to go to form 2 and put a valid
          reason code on the line “Reason for Payment”. If you neglect to enter a reason
          code during the initial entry of the invoice, you can go to Accounts Payable/Open
          Entries (< to Maintenance)/Maintain Purchase Invoice Details (tfacp2100m000)
          and enter a reason code on form 2-2. Doing this will put the invoice onto the
          report associated with session File 1099 - MISC. This can be done at any time
          (even after check has been reconciled) as long as the Purge Fully Paid Invoice
          session has not been run. At the present time, you can add a reason code on an
          invoice via Maintain Payment Advice (tfcmg1120m000), but this will not put the
          invoice onto report associated with session File 1099 - MISC.




No rights can be derived from the contents of this publication. This publication is provided for your information only.


Baan Global Support                                    Page 2                                               6/6/2011
                     STEPS/SETUP FOR PROCESSING 1099 AMOUNTS
                               (Version B40c - continued)


11        Menu: Finance/Cash Management/IRS 1099 Report
          Session: File 1099 - MISC (tfcmg3204m000)

          Once checks have been printed and posted, session will allow you to generate a
          file and/or report showing amounts processed against the various reason codes
          established. The form that prints is designed to work with standard multi-part
          forms used for 1099 reporting. It is not a laser print form, but a NCR paper
          document.

Note: If you will be executing the session “Remove Fully Paid Purchase Invoices”
(tfacp2250m000) during a calendar year, you will lose the ability to print the 1099
information related to the invoices that are removed. If you must execute this session use
one of the following to preserve your 1099 data:

a) Use a specific transaction type for 1099 invoices. The “Remove Fully Paid Purchase
   Invoices” allows removal by transaction type and document number. This would
   allow you to remove all except the 1099 transaction type during the year.
b) When executing “Remove Fully Paid Invoices”, copy then to the history company and
   print the 1099 report from the history company. Be sure that the reasons for payments
   and the 1099 box numbers are established in the history company.




No rights can be derived from the contents of this publication. This publication is provided for your information only.


Baan Global Support                                    Page 3                                               6/6/2011

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:29
posted:6/7/2011
language:English
pages:3