Maintaining and Filing the 1099 Forms

In this topic, you will read about how to track 1099 data during the reporting year, and how to close the reporting year.

Maintenance of Information Related to 1099-MISC

During the reporting year, you enter bills from 1099 vendors and pay them. When you enter a bill from a 1099 vendor, the number of the 1099 box associated with the specified expense account appears on the Details tab of the Bills and Adjustments (AP301000) form. If needed, you can select a different expense account that corresponds to another 1099 box.

A bill may include compensation of different types. You do not have to specify the 1099 box for every detail line of a bill that you process from a 1099 vendor. You have to specify the 1099 box in only the needed lines; you leave the 1099 Box column empty for the lines that you don't want to include in Form 1099-MISC on the Bills and Adjustments (AP301000) form.

When the payment for the bill is released, the bill amount will be posted to the appropriate expense accounts and recorded to the corresponding 1099 boxes.

Maintenance of Information Related to 1099-NEC

Prior to 2020, non-employee compensation was reported on Box 7 of the 1099-MISC form. Starting in 2020, the 1099-NEC Form (AP653100) report form is used to report non-employee compensation. When you enter a bill from a 1099 vendor, the 1099 Box column on the Details tab of the Bills and Adjustments (AP301000) form is filled in with the default 1099 box specified for the vendor. For the 1099-NEC form, the 1099 box is NEC01 Nonemployee Compensation.

When the payment for the bill is released, the bill amount is posted to the appropriate expense account specified for the non-employee compensation box on the 1099 Settings tab of the Accounts Payable Preferences (AP101000) form and recorded to Box 1 of the 1099-NEC form.

Tracking of 1099 Information

You can track 1099 information in the following ways in MYOB Acumatica:

  • Use the 1099 Vendor History (AP405000) form to view the 1099 information by vendor.
  • On the More menu of the Close 1099 Year (AP507000) form, click Open 1099 Payments (under Reports) to view the list of open (that is, not applied) payments to 1099 vendors with a date that falls within the year you have specified in the 1099 Year box on this form.
  • Use the 1099 Year Details (AP654500) and 1099 Year Summary (AP654000) reports to view various aspects of 1099 information.