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|Editing Vendor 1099 information
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|Author:||serenicphp [ Tue Jan 12, 2010 7:12 pm ]|
|Post subject:||Editing Vendor 1099 information|
Often, a vendor may not have been set up to track this information or perhaps a mistake was made while processing an invoice. Don't worry, there is a very simple way to edit the Vendor Ledger entries so your 1099's will produce accurate information. To track 1099 activity, Navigator populates two fields in the vendor ledger entry table, 1099 Code and 1099 Amount . When the original invoice is posted, both the 1099 Code and 1099 Amount fields are populated with their respective values. When the payment of the invoice is made, the Payment line only contains a value for the 1099 Code. With this in mind, follow the instructions below to edit a vendor's ledger entries for 1099 activity:
Step 1. From the Vendor card, drill down into the Vendor's ledger entries.
Step 2. If not already displayed, perform a Show column and place a check mark next to the 1099 Code and 1099 Amount fields, then click OK.
Step 3. Locate a line that needs to be edited. Note: Both the Invoice and Payment lines will need to be edited if the original invoice was not set up to post 1099 information. If you need to adjust a previously posted 1099 amount, only the Invoice line needs to be adjusted. If the incorrect code was used during original invoice posting, it needs to be changed on both the Invoice and Payment lines.
Step 4. On each line that needs adjustment, hit the F2 key. This will open up certain fields on the line for editing and is called In-line Editing.
Step 5. Make adjustments. For Invoice lines, populate and/or verify the 1099 Code by clicking the lookup. Enter the 1099 Amount you want reported as well, this must be entered as a negative number. For Payment lines, only a 1099 Code is needed; if not already selected.
Step 6. Continue Step 1 through Step 5 until all adjustments have been made.
The above process assumes you have been trained on setting up and using Navigator's 1099 functionality.
|Author:||donna d [ Tue Mar 02, 2010 2:06 pm ]|
|Post subject:||Re: Editing Vendor 1099 information|
Somewhat related question regarding 1099....In this case, a 1099 vendor was paid via credit card (their paypal account). This means neither the vendor, or an invoice, have been entered into AP. Although I entered the individual as a vendor after requesting their W-9, I don't know if there is a way to create a 'dummy' AP transaction so that this vendor receives a 1099 at year end?
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