Year-End 1099M Processing

1 Introduction

During the course of a calendar year, payments are made to vendors who require payments be reported to the Internal Revenue Service (IRS) at the end of January of the next calendar year. These payments are reported on the 1099-MISC forms.

Data for 1099M’s is accumulated throughout the year. The 1099M process should begin when a Vendor’s record is created. The Vendor file contains the vendor information necessary to create and maintain 1099M information.

For more information on setting up a Vendor’s 1099M information, see WESPaC Financial Management - Vendor Master Information User’s Guide.

Vendor 1099M information is created without regard to fund.

1099M Process Flowchart

1099M Processing:

• Employer Setup

• Creating the 1099M Workfile

• Modifying the Workfile

• Change Identification Number

• Change Vendor Name and Address

• Change Invoice 1099M Information

• Adding Vendor to Workfile

• Add Vendor Payment Information Directly to 1099M Workfile

• Change Invoices Individually

• Deleting Vendor from Workfile

Optional Reports:

• Report 1099M Workfile - Exceptions Only

• Report 1099M Workfile - Totals Only

• Report 1099M Workfile - All Vendors

• Re-Creating 1099M Workfile

• Creating 1099M Form Files

• Printing 1099M Forms

• Print Federal 1099M (Copy A)

• Print Recipient 1099M (Copy B)

• Print Payer 1099M (Copy C)

• Creating 1099M Magnetic Media File

Version 01.04.07.1 – 010236 (7/2004)

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