US 1099 Reporting Overview

VersAccounts supports US 1099 reporting . The form we support is 1099-misc at the moment. You would first need to activate the feature for your account by going to Enterprise Setup and Options. Check the checkbox next to "1099 Reporting" and then save.

Next to print 1099 for suppliers, you need to indicate which suppliers need to be included for 1099 reporting. Find the supplier and then edit/view the supplier record.

There is a setting when you view a supplier record call 1099 Reporting Type, choose Independent Contractor to print 1099-misc form for this supplier. You can also enter an identification number for this supplier to be printed onto the 1099 form.

Once you have included all the suppliers you want to include for 1099 reporting, you can print 1099 forms by going to Reports in the top menu and choose to generate 1099 forms.

At step 1 of the process, you will be asked to choose a date range to report for and to choose a list of suppliers and a list of expense GL accounts that contain the expense to report for.  You can click on Select all suppliers or select none to choose all suppliers or de-select suppliers. If you want to filter out certain expenses that should not be included for 1099 reporting, you can de-select the GL accounts from the list of GL accounts. You can click on Select all accounts or Select None to choose all GL accounts or de-select all GL accounts.

At step 2, the total of transactions involving the selected suppliers are presented. The total of all bill transactions is put into box 7 of 1009-misc form. You can also put in a value for box 3 since VersAccounts won't automatically calculate that amount for you.  If you need to override the amounts going into Box 7 or box 3 for a supplier, you can enter the amount and this amount is remembered.

Click on Print to generate the PDF file necessary for printing. VersAccounts supports printing onto pre-printed 1099 misc forms that contain 2 forms per page. This means that 2 suppliers will be printed onto one page. To print multiple copies of the 1099 forms, you would need to place different copies of the pre-printed forms on your printer before printing the generated PDF.