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How to reconcile 1099 vendor amounts

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Summary

How to reconcile 1099 vendor amounts

Resolution

CAUTION: Use caution when working with the below product functionality. Always create a backup of your data before proceeding with advanced solutions. If necessary, seek the assistance of a qualified Sage business partner, network administrator, or Sage customer support analyst.


Use the Payment History Report to reconcile the 1099 amounts to the Form 1099 Tax Reporting or the 1099 Vendor History.

  1. Open Accounts Payable, Main, Reports, Payment History Report
  2. Select Vendor Number from drop down for Sort Report By
  3. Select one of the Selection Criteria:
    • By Period = Fiscal Year & Period Range for applicable 1099 calendar year
    • By Date: Starting and Ending Date for applicable 1099 calendar year
  4. Select Print 1099 Vendors Only
    • Note: This field is available only if the 1099 Reporting check box is selected in A/P Options
  5. Use the Selection Field to run the 1099 for a specific vendor or all vendors
  6. Click Print or Preview

Although the 1099 form payment history is recorded for each vendor, you must produce and retain supporting reports that include detailed 1099 payment information for audit purposes.

Before printing 1099 forms, if you retain invoices for the full calendar year, print the Accounts Payable Trial Balance Report for paid invoices and print the 1099 information for the calendar year.
You can fill the report to support the 1099 forms sent to vendors.

If you do not retain the paid invoices for the full calendar year, print the Accounts Payable Trial Balance Report just before closing each month.
On the Accounts Payable Trial Balance report, print paid invoices and 1099 information. You can fill the report for each month to support the 1099 forms that are sent to vendors at year end.

If the Payment History Report shows a different amount comparing to what is on the 1099 eFiling and Reporting, run Check History Report to confirm all Checks, Electronic Payment Checks, Manual Checks and Reversals are correctly entered and posted to the correct fiscal year. If a Check date was posted to the wrong year, a reversal must be done to correct the check date. If the Payment History Report and Check History Report are correct, the Vendor 1099 History must be corrected.

To correct Vendor 1099 amounts, do the following:

  1. Open Modules, Accounts Payable, Main, Vendor Maintenance.
  2. In the Vendor No. field, enter a vendor.
  3. Click the Additional tab.
  4. Click 1099 History.
  5. Select the 1099 Form Type and Calendar Year.
  6. Correct the figures as needed.
  7. Click OK and Accept.

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Related Solutions

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 How to print and/or eFile Form 1099 and 1096 in Sage 100
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