1099 Reporting

[FirstMOBC]

Hello
I need help to set - up an account for labor for a contractor that is billing us by invoice for material and labor. I don't have a separate account for labor. Can someone give me directions? I should only report the labor on the 1099.

[Zeuosher]

first, you will have to set up a vendor in Maintain Vendor Records:
Accounting > Accounts Payable > Setup > Maintain Vendor Records. Click Add, fill out Vendor ID, Name and any other information that you might have about the vendor. Click the Account Information Tab and Check the check box "Print 1099" Click Save

next, you will add two separate invoices:
Accounting > Accounts Payable > Maintain Open Invoices. Click add and after you type the Vendor ID, check the check box when creating the labor invoice.

let me know if you need any further assistance

[NeilZ]

first, you will have to set up a vendor in Maintain Vendor Records:
Accounting > Accounts Payable > Setup > Maintain Vendor Records. Click Add, fill out Vendor ID, Name and any other information that you might have about the vendor. Click the Account Information Tab and Check the check box "Print 1099" Click Save

next, you will add two separate invoices:
Accounting > Accounts Payable > Maintain Open Invoices. Click add and after you type the Vendor ID, check the check box when creating the labor invoice.

let me know if you need any further assistance

In addition .. when you're setting up the vendor, you'll want to check the box for Combine invoices for this vendor when printing checks so you only have to issue one check for payment.

Also the checkbox referred to above when creating invoices is the 1099 checkbox which only appears on the AP Invoice Form when the vendor is setup for 1099s.

[FirstMOBC]

Ok thank you. I will have to go back from the beginning to correct every check because our financial secretary has everything under one invoice.

[Zorak]

The alternative to splitting the amounts onto separate invoices would be to manually adjust the amounts on the 1099 at the end of the year, which would be a gamble now that you would remember to do so at that time.

[FirstMOBC]

Thank you I may have to split at year end. 3 checks have been process but not posted. Not for sure if I can reverse and re-enter information manually.