Steps to Set Up
a New Vendor as a 1099 VendorA 1099 vendor is a vendor to whom a 1099 form is issued at the end of the calendar year. The Internal Revenue Service requires that 1099 forms be issued to unincorporated vendors (such as independent contractors and landlords) who have provided purchased services or goods of $600 or more during the calendar year, and to attorneys for fees or amounts paid for gross proceeds of $600 or more.
If a vendor is set up as a 1099 vendor, the School Accounting System will track the 1099 vendor total and provide a listing of all 1099 vendors that meet the $600 or more criteria at the end of the calendar year. Then during the end of calendar year process, the 1099-MISC and 1099-NEC forms can be printed, and a 1099 file can be created to submit to the IRS.
Steps to Set Up
a New Vendor as a 1099 Vendor
Steps
to Set Up an Existing Vendor as a 1099 Vendor