MYOB Greentree

HideShow
  • Contents
  • Index
  • Search
 
Display results with all search words

 

1099 Form Maintenance

This form is enabled to companies that pay U.S. sales tax. Payments to suppliers may require 1099 tax reporting code to be assigned to them — for example, payments to sub-contractors, interest, dividends, and the like. Such payments are reported each calendar year to both the payee and the Taxation Authority (IRS).

Header Information

1099 form

Enter a user defined code for the 1099 form name, up to 20 characters. This should be consistent with the codes used by the IRS — for example 1099-DIV, 1099-INT, and 1099-MISC (which is loaded as a default).

Type of Return/Amount Codes

Enter details for the Type of Return (one character) and allowable Amount Codes (up to 14 characters) that are prescribed by the IRS publication 1220 for each 1099 form.

Greentree uses these values in the export file and they must match the IRS definition exactly. If not, the IRS rejects the export file. You must enter the full string of allowable amount codes, even if the site is not using all of them. Sample entries are:

 

Type of Return

Amount of Codes

1099-MISC

A

12345678ABCDE

1099-DIV

1

1236789ABCD

1099-INT

6

12345689

Description

Enter a description of the 1099 Form, up to 100 characters. For example, 1099 Miscellaneous Income, 1099 Dividend and Distributions, 1099 Interest Income. This description displays as the report header on the 1099 Payments Report.

Categories

Code

Enter a code to represent the 1099 tax code, up to 20 characters. The user assigns this code to reportable suppliers and transactions. It must be unique across all 1099 forms. You cannot change or delete it once transactions have been assigned to it.

Note: Use a system script to import 1099 tax codes for a specific 1099 form (which must be set up first using this form).

Category

Choose a category for the tax code from the dropdown list.

  • You can select the categories from 0-9 and A-G. The IRS only recognises categories 1-9 and A-G. Category 0 is for sites that want a code or category assigned to all transactions for internal reporting, whether reportable or not. Only one category 0 can exist across all 1099 Forms. Any transaction with this code or category are excluded from the 1099 Payments Extract and from forms printing. You can view them using the 1099 Payments Report (Detail)
  • The code (with the category 0 and a maximum threshold) is assigned to a dummy 1099 form (for example 1099-NONE) to keep non-reportable transactions separate from reportable ones.
  • Greentree Desktop does not enforce a link between a form and its allowable categories. You must set up new 1099 forms and their categories based on IRS publication 1220. Otherwise, invalid results can occur. Greentree Desktop accepts any form or category combination, so each site must correctly set up each form.
  • Even if a category is valid for a form, Greentree Desktop might note support it if specific logic (other than entering it on an AP invoice line item) is required. For example, any withholding tax type box or category has not been allowed for.

Description

Enter a description for the 1099 tax code, up to 100 characters.

Threshold

Enter the threshold prescribed by the IRS for this tax code. Leave it empty or enter 0 if all amounts are reportable. You can enter a maximum of 999,999,999,999.99.

1096

Select whether the value is totaled for 1096 reporting. This can be:

  • Total amount reported with 1096
  • Federal income tax withheld
  • blank

If empty, then the field is not totalled for 1096 reporting.

Copies Tab

The information on this tab supports the flexible 1099 forms printing function.

Note: You can use a system script to populate this tab from a file for new sites.

Code

Enter a user defined code for the copy of the 1099 form, up to 20 characters.

Description

Enter a description of the copy of the 1099 form, up to 100 characters. This is what the user see on the 1099 Forms Printing request form.

Report

Select the AP Report Writer report that for 1099 forms.

Report Writer control fields

The next four columns are parameter fields, which control how the 1099 information prints on Report Writer reports.

You can use the 1099-MISC - 2PP report to print the most common copy requirements for 1099-MISC (with one or two suppliers per page). You can design other report layouts — for example, a three per page layout, or for other 1099 forms like 1099-DIV or 1099-INT.

Per Page/Supplier

Use this parameter to control the number of times a supplier or suppliers is printed per page. For example, the 099-MISC - 2PP report can print up to two suppliers per page, and valid combinations are:

  • Per Page = 1/Supplier = Next or Repeat - a single supplier will be printed once on each page (for example, to send the forms to each supplier).
  • Per Page = 2/Supplier = Next - 2 suppliers are printed on each page (for example, for internal filing or sending to the IRS).
  • Per Page = 2/Supplier = Repeat - a single supplier is printed twice on each page (for example, for sending a single page with Copy B and Copy 2 to each supplier).

Copy

Use this parameter to control which copy-specific hard coded information prints on the report. Valid entries for the 1099-MISC - 2PP report are 1, 2, A, B, C, and B2 (which prints Copy B at the top and Copy 2 at the bottom of the page).

Print All

Use this parameter to control whether only the 1099 data prints (if printing on pre-printed forms), or whether all lines and labels print as well.

Note: Use a system script to import 1099 tax codes for a specific 1099 form (which must be set up first using this form).

When you have set up your 1099 Forms, you can access other forms for the 1099 payments process from the AP > Process > 1099 Payments menu. The AP Module Control option 1099 tax reporting code must be selected. All suppliers subject to 1099 payment reporting must have a 1099 code assigned to them.

See Also