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1099 tax reports

Question:

Does Sap Business one have anything that can help with 1099 tax related information

Answer:

SAP Business one has a report you can run called 1096/1099.

The 1099 set-up begins in the Business Partner Master Data.  On the Accounting tab, select the 1099 type and box number.  In the header information, enter the BP’s Federal Tax ID.  Once these items are selected, going forward SAP will track the amount to be populated in the box. 

 

Run the forms by going to Main Menu – Financials – Financial Reports – Accounting – 1096/1099 Report.  Select 1099 Form, Show Not Submitted, and click the ellipsis to select the applicable Forms and Boxes. 

The out of the box forms are designed to print correctly on the standard federally issued forms.  When the forms are printed, as System Message will appear  By clicking “yes”, the “Show submitted” radio button on the 1099 form will need to be selected to review the report.

 

*Note- The best practice is to always fill in the 1099 information when you create a vendor. If the invoices from the vendor do not reach the limit that would require a 1099, then you can use the 1099 Editing to reduce the amount reported to 0.

 

ExampleInvoice shows for $1000 and the invoice is closed out due to a payment. There was a clerical error on the invoice and only part of it is 1099'able, you need to reduce the amount that shows on the 1099 form.

Instructions: Financials -> 1099 Editing

Conclusion: This form allows you to edit (reduce) the amount of an invoice that is showing on a 1099 form.

 

 

 

Example: Invoice added for $1000; however, the 1099 Form/Box was not filled out on the invoice. The invoice has already been paid so you cannot edit the 1099 Form/Box information. You need to add the amount of the invoice to 1099.

Instructions: Administration -> System Initialization -> Opening Balances -> 1099 Opening Balances

Conclusion: This allows you to add values from a legacy system or invoices that were posted and paid without the 1099 form/box filled out.

 

 

 

 

 

 

 

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