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Contents |
| Employer Setup | Creating Workfile | Modifying Workfile | Adding Vendor to Workfile | Deleting Vendor from Workfile|
Before starting the 1099M process, the Employer data must be completed as it appears on the 941 or 943 CT-1 form.
NOTE: Caution should be used when updating the Employer setup as it is shared by the W-2 process.
This information need only be setup once, but may occasionally need updating, as the district information changes.
Menu Path: Financial Mngmnt / Account Mngmt / Year-End
On the Year-End screen, from the Options list, highlight 1099M Processing.
Click the Run button. The 1099M Processing screen opens.
Enter the year for processing in the Enter Year for 1099M Processing field.
Click the OK button. Another 1099M Processing screen opens.
Click the Step 1 Enter/Verify Payer Setup Parameters button. The Edit/Verify Payer Setup Parameters screen opens.
As necessary, enter or update the district Payer Name.
As necessary, enter or update the district Address 1 and Address 2 information.
As necessary, enter or update the district Zip Code. The City and State fields default from the Zip Code.
As necessary, enter or update the district Country.
Optionally, enter or update the district Contact information. This is the person the IRS would contact with any questions.
As necessary, enter or update the district Telephone number and Extension.
Optionally, enter or update the district Email address for the Contact.
Enter or update the district Federal ID Number. Use a dash where indicated on the district 941 or 943 CT-1 form.
Enter appropriate information in the Payer Name Control or Transmitter Control Code (TCC) fields.
The Payor Control Name is obtained from the mail label on the package in which the 1099M forms were mailed.
The Transmitter Control Code (TCC) is assigned by the IRS/MCC. It is obtained by submitting Form 4418 to the IRS at least 30 days before filing.
The IRS requires electronic filing if you have 250 or more 1099M records.
Currently the Recipient 1099M Format for 1099M's is set to Standard Laser Form and cannot be changed.
Click the OK button.
Menu Path: Financial Mngmnt / Account Mngmt / Year-End
On the Year-End screen, from the Options list, highlight 1099M Processing.
Click the Run button. The 1099M Processing screen opens.
Verify the year in Enter Year for 1099M Processing is correct. It should be the year that just ended.
Click the OK button. Another 1099M Processing screen opens.
If this is the first time you have started the 1099M processing for this year, the 1099M Workfile for Year list is blank. If not, it contains the information from the last create processed.
Click the Step 2 Create/Modify/Report 1099M Workfile button. The Create/Modify/Report 1099M Workfile screen opens.
Highlight Create 1099M Workfile and click the Run button. A Question screen opens asking if you are sure you want to create a 1099M workfile record for the year.
Click the Yes button. The Output Destination screen opens.
The system prompts you to select a print option. You can select to print the reports to screen, to a printer, or to save the report for later viewing.
Click the OK button.
The system accumulates the information and then generates the Vendors to Receive 1099M Forms report.
This report is sorted by Vendor, then invoice number. It includes the vendor’s TIN number, as well as the vendor’s 1099 type, the invoice’s check date, the amount of each invoice and the total to be reported on the 1099.
On the last page of the report, a summarization of the 1099 types and the amounts of each type and a grand total of all is displayed.
After the report is printed, the Verify 1099M Workfile screen opens indicating that a verification report will be generated that includes exception messages for vendors who have inconsistent or invalid data.
Click the OK button. The Output Destination screen opens.
The system prompts you to select a print option. You can select to print the reports to screen, to a printer, or to save the report for later viewing.
Click the OK button.
The Report 1099M Workfile - Exceptions Only report generates. Print and review any exceptions/errors.
To display a list of vendors who had 1099M data generated, on the Create/Modify/Report 1099M Workfile screen, highlight Modify 1099M Workfile and click the Run button.
All Exceptions must be corrected. If any exceptions exist, you cannot proceed to Step 3 - Create 1099M Form Files.
Menu Path: Financial Mngmnt / Account Mngmt / Year-End
You have the ability to change the Vendor’s 1099M information, including their address, TIN number, Box amounts and 1099 type information on invoices.
On the Year-End screen, from the Options list, highlight 1099M Processing.
Click the Run button. The 1099M Processing screen opens.
Verify the year in Enter Year for 1099M Processing is correct. It should be the year that just ended.
Click the OK button. Another 1099M Processing screen opens.
Click the Step 2 Create/Modify/Report 1099M Workfile button. The Create/Modify/Report 1099M Workfile screen opens.
Highlight Modify 1099M Workfile and click the Run button. The Modify 1099M Workfile screen opens.
On the Modify 1099M Workfile screen, from the 1099M Workfile for Year list, highlight the Payee Name on which to change 1099M information.
Click the Edit button.
If the Export process has been run, a Question screen opens indicating that if you continue with the edit you will remove the Federal Magnetic Media File and all 1099M laser merge files for this vendor.
Click the Yes button to continue.
The Edit 1099M Workfile Records screen opens.
Select the vendor’s TIN Type.
EIN or SSN number.
The format of the RECIPIENT’S Identification Number field changes as appropriate.
NOTE: Changing the Identification number here does not affect the vendor master file. If you change the vendor file, you need to purge and recreate the 1099M workfile.
Change Vendor Name and Address
The 1099M Recipient’s Name and street Address area is limited in size (32 characters). If the system finds name and address information that exceeds the 1099M area capacity, it marks the record with the Recipient’s Name/Address flagged as truncated and/or Recipient’s Address will be truncated in the self sealer mailing address exceptions.
Review, and if necessary, correct or adjust the information.
From the RECIPIENT’S Name, Street Address (including apt. no), City, State, and ZIP Code frame, click the Edit button.
If the Country field on the Vendor’s address is not USA or Canada, the Invalid Country screen opens indicating that only USA and Canada are valid countries. The system will default USA.
Click the OK button. The Edit 1099M Recipient’s Name/Address screen opens. (Currently only one address line prints on 1099M.)
If the address was truncated during the creation process, the Address Truncated check box is checked.
Review and/or change the Name and/or Address as needed.
Update the record’s City, State, and/or Zip Code as needed.
If the Country field was populated by the Invalid Country screen process, verify the Country is USA or CANADA.
If the address was truncated and it is now corrected, uncheck the Address Truncated check box.
Click the OK button to return to the Edit 1099M Workfile Records screen.
NOTE: Changing the address information here does not affect the vendor master file. If you change the vendor file, you need to recreate the 1099M workfile.
Change Invoice 1099M Information
Invoice distributions marked with a 1099M type flag can be changed.
On the Edit 1099M Workfile Records screen, click the Invoices button. The Invoices screen opens.
Invoices with 1099M records appear on the Invoice Accounting Detail – 1099 Amounts list.
To change the invoice in the list, highlight the invoice and click the Edit button. The invoice’s Invoice entry screen opens.
The 1099M information is changed at the Distribution line. Highlight and click the Edit button until you reach the respective invoice distribution line to be changed.
From the 1099 drop down, select the correct 1099M type.
Click the OK button until you return to the 1099 Invoices screen.
Repeat for each of the vendor’s invoices as needed.
If a vendor should have had 1099M information included on invoices, but was not noted on the Vendor Master record or on the invoice distribution, you have two options to add the vendor’s information to the 1099M workfile.
Add the Vendor to the workfile and enter the payment information amounts directly into the respective boxes.
Change the Vendor’s invoices individually, then recreate the 1099M Workfile, or
Add Vendor Payment Information Directly to 1099M Workfile
Menu Path: Financial Mngmnt / Account Mngmt / Year-End
On the Modify 1099M Workfile screen, click the Add button.
If the Export process has been run, a Question screen opens indicating that if you continue with the edit you will remove the Federal Magnetic Media File and all 1099M laser merge files for this vendor.
Click the Yes button to continue.
The Add 1099M Workfile Record screen opens.
Select the Vendor.
Begin typing the Vendor’s name in the Name or Alphakey EEL. Select the vendor from the list that appears.
Click the Vendor button.
The Vendor master information screen opens.
NOTE: For more information about the Vendor master information screen, see the WESPaC Finance Vendor Master User’s Guide.
Highlight the Vendor Key to use.
Click the Select button to return to the Add 1099M Workfile Record screen. Click the OK button.
The 1099M Workfile Add/Update screen opens.
In the appropriate boxes, enter the dollar amount(s) to be reported on the 1099M.
Click the OK button to return to the Modify 1099M Workfile screen.
NOTE: The vendor’s record is not updated.
The vendor and dollars are added to the 1099M Workfile for Year list.
Menu Path: Financial Mngmnt / A/P / Invoices
On the Invoice entry screen, click the Ranges button. The Invoice Ranges screen opens.
From the Invoice Type(s) frame, check the History check box.
From the Check Type(s) frame, check the All check box.
In the Vendor Key range fields, enter the vendor’s name key for the vendor’s invoices you want to change.
In the Invoice Date range fields, enter the calendar year range for which you are reporting 1099M information (that is, for calendar year 2004, enter 01/01/2004 through 12/31/2004).
Check the All Years/Year check box, because the invoices to be included in the 1099M cross fiscal years.
Change the Sequence drop down to Date Entered to sort the Invoices list in date entered order.
Click the OK button to return to the Invoice entry screen.
From the Invoices list, highlight the Invoice record to change.
Highlight the item detail record and click the Edit button.
Continue clicking the Edit button on each of the following screens until you reach the Invoice detail line information for Inv number screen.
From the Invoice Distribution list, highlight the account record to change.
Click the Edit button. The Invoice account distribution for Inv number screen opens.
From the 1099 drop down list, select the applicable 1099M type.
Click the OK button.
Repeat as necessary for each Invoice Distribution account and/or line item.
Continue to click the OK button to return to the Invoice entry list screen.
Vendors who appear in the workfile, but should not receive a 1099M can be deleted from the workfile. The vendor information is only deleted from the temporary workfile; it is not deleted from the Vendor Master or the invoice that contains the 1099M information.
Menu Path: Financial Mngmnt / Account Mngmt / Year-End
On the Modify 1099M Workfile screen, from the 1099M Workfile for Year list, highlight the Payee Name to delete.
Click the Delete button.
If the Export process has been run, a Question screen opens indicating that if you continue with the edit you will remove the Federal Magnetic Media File and all 1099M laser merge files for this vendor.
Click the Yes button to continue.
A Question screen opens asking if you want to delete the vendor from the 1099M workfile.
Click the Yes button.
The vendor’s record is removed from the 1099M Workfile for Year list.
When the Modify 1099M Workfile screen is closed, the system indicates that the exception report will be run again. Click the OK button. Review any output.
Version 01.04.07.1 – 010236 (7/2004)