Year End Reporting-1099 Vendors in Navision

Problem

***INTERNAL USE ONLY***

1. Customer has vendors that were not set up with 1099 codes but need to receive a 1099 for the year.

2. The 1099 amounts for a vendor do not match the total vendor payments for the year.

3. Vendor payments have been made using the incorrect vendor 1099 code.

Solution

Vendors

-Under payments tab, customer needs to set up or change to the correct 1099 code

• Vendor-Many times will use – MISC 07
• Employee-Many times will use – MISC 03

-Only vendors who have been paid $600 or more need to receive a 1099

-1099’s represent payments made to vendors, therefore Navision will not include invoices that have not actually been paid.

Reports

-Vendor-1099 Information

-Vendor-Listing

• Run this report to see who needs to receive 1099’s by showing all vendors with payments in the reporting year.  Also, this report will confirm if a customer forgot to set the code before any payments were made.
• One useful option of this report is to show total payments amounts and 1099 payment amounts that are not equal. This shows vendors with payments that have not been coded correctly and will need to be fixed.
• Top number=All Payments
• Bottom number=1099 Amount

Utility to mark vendors as 1099 recipients

-If you find a vendor that has payments that have not been recorded properly as 1099 payments, or vendors that have not had a 1099 code set up at all that needs one, you can set the correct 1099 code on the vendor card, and then run the following utility.

-Report 60030-Set 1099 Code to Current VLE U

• Must be run using a developers license.
• ALWAYS do backup first!
• Tools | Backup- everyone does not need to be out of the system
• To copy the database-everyone does not need to be out BUT it uses more memory on their system

-When running utility, enter the posting date of 01/01/YY..current date to capture the correction up to the current date.  Filter utility for only vendors that need corrected.

-Once utility is finished running, confirm in Vendor | Ledger Entries that the appropriate entries are now marked for 1099.