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How do I print or generate Form 1099-INT for deposit interest paid in Property Management?

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Summary

Follow the steps below to generate your form 1099-INT in Property Management.

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CAUTION: Sage Customer Support does not assist with issues related to third-party products or enhancements, hardware, report customizations, state or federal tax-related questions, or specific accounting questions. Please get in touch with your Sage business partner, network administrator, or accountant for assistance. Please refer to our Scope of Support document for details.

Before you print 1099-INT forms, complete the following tasks:

  • Verify the Sage 300 CRE year-end update is installed.
  • Verify the current Fiscal year end date on the properties you will be processing 1099-INTs (Setup, Properties, General tab, Controls tab).
  • Verify the Tax name and Tax ID are entered on the Tenant setup (Setup, Tenants, General tab, Controls tab).
  • Verify the Address type selected for Send Interest Payments to is correct on the lease (Tasks, Manage Leases, Change Lease, General tab, Misc tab) and verify that the address for that address type is entered on the Tenant setup (Setup, Tenants, Address tab).
  • Accrue and pay all interest for the year.
  • Print the 1099 forms to plain paper and review the Status Report for errors and warnings.
  • Back up your Property Management files. Refer to How do I use File Tools to back up data files? (Supplemental Video)
  • Enroll with Aatrix if you are not enrolled already. Refer to How do I enroll for Aatrix eFiling?

Generate 1099-INTs

Important: You are allowed to file only once for each Federal Employer ID (FEIN) and form type.

If you will be processing multiple runs for 1099-INTs using the same FEIN in Accounts Payable and/or Property Management, be sure to select Yes, I use multiple 1099 data files for this (EIN) in the 1099 Setup Wizard. For detailed instructions on merging 1099 data files, see How do I combine files for my Form 1099 in Accounts Payable?

To Generate Aatrix 1099s:

  1. In Property Management, select Tasks, eFile Form 1099.
  2. In the Form 1099-INT window, select whether to open a New or Saved report. (This window appears only if you have a saved report.)
    • If you choose to open a Saved report, select the Federal ID number and click Open. In the Open Report window, select the report you want to open then click Edit. Select the option from the Available Actions that you want to perform: Reprint Completed 1099s, efile or Print Incomplete 1099s, Correct Completed 1099s, Start Over, or e1099 Password Lookup. Then click Next and continue with the on-screen instructions.
    • For New reports, enter the following:
      • Payer Source:
        • Select GL Prefix if you want to use the payer information listed in the GL prefix associated with the property. For example, the GL prefix that is assigned to the property may be 001-004-00. However, the fiscal entity is 001, which may have a different address.
        • Select Data Folder if you want to use the payer information listed with your company in File, Company Settings, General.
        • Note: The Payer Source selection is not displayed if your fiscal entity is set to Data Folder in GL, File, Company Settings, GL Settings.
      • Properties to Process: Select which properties you want to include in this run. You can select multiple properties as long as they share the same fiscal entity and the year in the Period End column is the same. (Tip: Scroll to the right to view this column in the grid.) The date in this column is the current period on the property (PM, Setup, Properties, General tab, Controls tab).
        Tip: Use SHIFT to select a range of properties and use CTRL to select specific properties.
      • Reporting Year: Select the correct year from the drop-down list. You can run 1099s for the current or previous year.
      • Federal ID Number: Enter the FEIN you want to use when filing the 1099 or accept the prefilled number. The prefilled FEIN is retrieved from the fiscal entity you set up.
        • If your fiscal entity is set to Data folder, the FEIN is located in GL, File, Company Settings, GL Settings.
        • If your fiscal entity is set to Prefix, the FEIN is located in GL, Setup, Prefix/Base, [prefix A, prefix B, or prefix C], Fiscal Settings.
      • Minimum Reporting Amount: Enter the minimum reporting amount. Leases with interest that are equal to or exceeds this amount will be included in the report.
      • Foreign Entity: You will not be able to process 1099s using Aatrix if you select Foreign Entity. This check box prefills if the Foreign Entity check box is selected in your fiscal entity:
        • If your fiscal entity is set at Data folder, this check box is located at GL, File, Company Settings, GL Settings, Calendar/ Fiscal Settings.
        • If your fiscal entity is set at Prefix, the check box is located where you set up your fiscal entity in GL, Setup, Prefix/Base, [prefix A, prefix B, or prefix C], Fiscal Settings.
  3. Click Next.
  4. Select the leases you want to include on this report in the Leases to Process window then click Next.
  5. In the Generate Form 1099-INT window, click Generate.

Verify company information:

  1. If you received a 1099 Company Information message, click OK.
  2. Select if you want to do a test drive or No thanks, start processing my 1099/1096s, then click Next.
  3. Verify your Payer TIN number, then click Next.
  4. The Multiple Data Files window allows you to merge multiple Accounts Payable and Property Management 1099 files that need to be filed under the same EIN. Read the instructions on this window carefully, then select your answer accordingly, then click Next. If you need to merge 1099 data, refer to How do I combine files for my Form 1099 in Accounts Payable? for information on merging 1099 files.
  5. Verify your company payer information, then click Next.
  6. Select the appropriate tax preparer type, then click Next.
  7. In the State & Local Tax Items window, you can assign the correct tax account number and add all state and local taxes that need to be reported on your 1099 forms. If you have already completed a federal or state tax form, the items may be already filled in.
    • Click Add to enter new tax items.
    • Click Remove to delete any taxes for states that you do not want to print 1099s.
    • Click Edit to change the items already listed.
    • Tip: The text on the window shows you the correct account number format.
    • Notes:
      • If you add any states, additional boxes will become available in the W2/1099 Preparer grid.
      • The W2/1099 Preparer grid contains a column for the filing state for each recipient. This is the state to which the 1099 will be sent, if they require them.
      • The following states require account numbers listed on the 1099 forms even if there is no withholding: CT, LA, MT, NC, PA, VT, and WI. The software will automatically place these state account number on the 1099 forms.
      • To have an account number populate on the form that isn't one of the above states, add taxable amounts for the state in the Preparer grid. Withholding can be left blank if there was no withholding, but the state account number will populate on the form if a taxable amount is included.
  8. Click Next.
  9. In the Foreign Countries or U.S. Possessions window, if any of your recipients have foreign taxes withheld, click Add to enter the countries' names. If you add any countries, boxes 6 and 7 will become available in the W2/1099 Preparer grid.
  10. Click Next.
  11. Select the appropriate options in the Data Verification window, then click Next.
    • Important: If you will be sending any recipients their 1099 form electronically, you must obtain an e1099 Consent Form from the recipient and retain it on file. See Electronic 1099 Consent Form 
  12. In the Recipient Identification Numbers window, select the RIN formatting options you would like to use, then click Next.

Verify 1099 information and totals:

The W2/1099 Preparer window displays information in a grid. The columns in the grid correspond to the boxes on the form. Verify information highlighted for each step. Missing or incorrect information is indicated with a red cell. NOTE: Any changes you make in this grid do not correct your accounting data. You must correct the data within Property Management for the changes to be permanent.

  1. In the W2/1099 Preparer window, verify the recipient Taxpayer ID (TIN), then click Next Step.
  2. Verify the recipient FEIN check box, then click Next Step.
  3. Verify the recipients' names and addresses, then click Next Step.
  4. Verify the income boxes, then click Next Step.
  5. Verify the filing state, then click Next Step.
    • If you receive the error: "One or more of the filing states require a state account number" or "The highlighted state(s) require an Account Number when filing 1099's", before proceeding see the information in Error: "One or more of the filing states require a state account number" (during AP 1099 generation):
      1. Click Go back and correct.
      2. From the Edit menu, select Company Setup.
      3. Click Next until you reach the State & Local Tax Items window.
      4. Click Add to next to the State Tax Items box.
      5. Select the State.
      6. Select the appropriate withholding Tax Name.
      7. Enter the Tax account number.
      8. Click OK.
      9. Repeat steps 4 through 8 for any additional states.
      10. Click Next.
      11. Continue to the W2/1099 Preparer window. Click Next until you are in the amounts grid.
  6. If you added any states and need to report amounts in box 17, scroll to the right to enter the appropriate amounts in wages and taxes boxes for the appropriate states. The state will print in box 15 and the tax account number will print in box 16 on the form.
  7. If you added any foreign countries and need to report amounts in box 6, scroll to the right to enter the appropriate amounts in boxes 7 (wages) and 6 (tax) for the appropriate countries. The country will print in box 7 on the form.
  8. Click Next Step.

Print and/or eFile your forms:

  1. If you receive an Aatrix eFile ad, review the information then click Next.
  2. Select the applicable options for printing and/or eFiling your forms, then click Next.
  3. Click Next.
  4. Review the forms that will generate in the Review Data window. If you would like to print the list, click Print. Click Next.
  5. Review your 1099 forms. If corrections need to be made, close the window and start over. If the forms are correct, follow the prompt at the top of the screen to print copies, then click Next Step. Repeat this step for each form you selected to print. Note: It is recommended you save your copies to a .pdf file for easy access and reprinting later.

eFile your forms using the Aatrix eFile center:

  1. If you have not enrolled with Aatrix, click Enroll to launch the Aatrix eFile Center. Refer to How do I enroll for Aatrix eFiling?
    1. Click Enroll and follow the prompts to setup your account.
    2. After completing the steps to setup your account, on the Aatrix Secure eFile - EIN NOT ENROLLED window, click I have Enrolled and have my Login ID.
  2. If you have an account with Aatrix, the Aatrix Secure eFile - Login window will display. Enter your Username and Password then click Login.
  3. Follow the prompts to complete the eFiling process. Refer to How do I use the Aatrix Efile Center website?



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