Close 1099 Year
Form ID: (AP507000)
You can use this form to close an open 1099 year, which is a calendar year during which payments were collected on Form 1099-MISC and Form 1099-NEC, and to reopen a 1099 year. Once the 1099 year is closed, amounts for each payment type are reset to zero for a new 1099 year.
Form Toolbar
The form toolbar includes standard buttons and form-specific buttons and commands. For the list of standard buttons, see Form Toolbar and More Menu. The form-specific commands can be shown as buttons on the form toolbar, as commands on the More menu, or in both places. These commands are listed in the following table in alphabetical order.
| Button/Command | Description |
|---|---|
| 1099-MISC Year Summary | Generates the 1099 Year Summary report on the 1099 Year Summary (AP654000) report. |
| 1099-NEC Year Summary | Generates the 1099 Year Summary (1099-NEC) report on the 1099 Year Summary report. |
| 1099 Year Details | Generates the 1099 Year Details (AP654500) report. |
| Close Year | Initiates the process of closing the current 1099 year, changing the status of the year to Closed, and resetting the box amounts to zeros. |
| Open 1099 Payments | Generates the Open 1099 Payments (AP656500) report, which lists open (not applied) payments to 1099 vendors with a date within the year specified in the 1099 Year box of this form. |
| Reopen Year |
Reopens the 1099 year selected in the 1099 Year box. This button and command are available if a year selected in the 1099 Year box has the Closed status and the current user has been assigned to the Financial Supervisor role. |
Selection Area
You use the elements in this area to select a 1099 year and view its status.
| Element | Description |
|---|---|
| Company |
The company for which you want to view information. This box appears on the form if the Multicompany Support feature is enabled on the Enable/Disable Features (CS100000) form. |
| 1099 Year | The calendar year for which you want to view information. |
| Status | The status of the selected year. For each 1099 year in this list, the status will be Open or Closed. |
Table
This table displays the year-to-date amounts for all the boxes configured in the system, each of which corresponds to a payment type on the 1099-MISC and 1099-NEC forms. The boxes and payment types have been configured on the Accounts Payable Preferences (AP101000) form, in the 1099 Settings tab. The box amounts are shown as accumulated over the year for all the 1099 vendors.
The table toolbar includes only standard buttons. For the list of standard buttons, see Table Toolbar.
| Column | Description |
|---|---|
| 1099 Box | The code of the 1099 box in the 1099-MISC form, 1099-NEC form, or both forms. |
| Description | A description of the 1099 box, which is generally related to the type of payments. |
| Amount | The year-to-date amount of payments of this type paid to all 1099 vendors. |