Accounts
Payable End of Month Checklist_____ 1. Print the month end reports for December.
Accounts
Payable End of Month Checklist
_____ 2. Print the Vendor Totals Report by Vendor (from the Accounts Payable screen, Reports menu, Vendor Reports) selecting the calendar year beginning and ending dates to view the total amount paid to each vendor during the calendar year. This step is optional.
_____ 3. Print the Vendor 1099 Report (from the Accounts Payable screen, Reports menu, Vendor Reports) selecting the Summary report selection and all Check Dates in the calendar year for all vendors (All Records Selected for Accumulate 1099 Amount parameter) to view the total 1099 accumulations for the year.
_____ 4. If needed, make corrections to the vendors. For example, edit the information in the Vendor File to change the Federal ID number, federal form type, or the 1099 box number where the totals post, or complete adjustments to the 1099 accumulations by using the Adjust 1099 Amounts option.
_____ 5. Generate the 1099s.
Steps to Generate
Vendor 1099s
Note: All vendors who have a 1099 accumulation in the specified calendar year will be included in the 1099 File and not just those vendors defined as a 1099 vendor; if a 1099 accumulation was made by mistake for a vendor, the 1099 accumulations can be adjusted (see Step 4) and the 1099s regenerated, or the 1099 can be deleted from the 1099 File (see Step 7). If a vendor has a negative 1099 total, an error message will appear in the status bar stating there are negative 1099s; the negative 1099s must be resolved at this time. To determine the vendor(s) with the negative 1099 total, click both the 1099-NEC tab and the 1099-MISC tab to see if the error message displays for either set of forms, and if the error message appears, click the Find button on the applicable screen and review the Total Payments column.
_____ 6. Print the Vendor 1099 Detail Report (from the Vendor 1099s screen, Reports menu) to verify the information for the vendors in the 1099 File.
_____ 7. Complete the General screen (tab) within the Vendor 1099s option, and then if needed, make any necessary corrections for vendors on the 1099-NEC and/or 1099-MISC screen (tab).
Note: Corrections to a vendor’s name, additional recipient’s name, address, or Federal ID must be made in the Vendor File and then will automatically be updated within the 1099 File.
Steps
to Complete General Screen within Vendor 1099s
_____ 8. If applicable, use the Copy Totals to State option to calculate the total accumulations on each 1099 and have the total print in the applicable state box.
_____ 9. Print the 1099-NEC and 1099-MISC forms.
Tip: SUI recommends printing the 1099-NEC and 1099-MISC forms to plain paper as many times as necessary to make sure they are correct before printing on preprinted forms or blank forms, if applicable.
_____ 10. Deliver the 1099-NEC and 1099-MISC forms to recipients by January 31.
Tip: If printing the 1099-NEC and 1099-MISC forms on plain paper or emailing the 1099-NEC and 1099-MISC forms, be sure to provide the information included on the back of a 1099-NEC or 1099-MISC form to the recipients.
_____ a. If needed, print vendor mailing labels (from the Vendor 1099s screen, Reports menu), selecting the 1099s report selection.
_____ b. If desired, the 1099-NEC and 1099-MISC forms can be emailed to the vendors from within the Vendor 1099s option; the 1099s are emailed as a password-protected .PDF file attachment, with the password being the last 6 digits of the vendor's Federal ID number. If 1099s will be delivered electronically to vendors, proper consent may be required from the vendors; refer to Part 4, Section 4.6 of IRS Publication 1179 for more information.
Note: In order to email the 1099s to the vendors, complete the following: 1) complete the General Options tab in the Email Manager option (if not already completed) by selecting the Enable Email Manager field and completing the remaining fields; 2) if needed, on the Email Addresses tab in the Email Manager option, add an email address to use when emailing 1099s; 3) complete the Default Email Address ID field in the Direct Deposit/1099 Options section on the Accounts Payable tab in the Email Manager option, if desired; 4) enter up to three email addresses (for Business, Personal, and/or Other) in the Vendor File for each vendor who will have a 1099 emailed; and 5) select the Tax Forms field for each applicable email address for the vendors (a checkmark will appear in the box if the field is selected).
_____ 11. Submit the 1099 information returns (the 1099-NEC and 1099-MISC forms) to the Internal Revenue Service (IRS).
Steps
to Submit 1099s Electronically to IRS
Note: The 1099-NEC forms and 1099-MISC forms must be filed electronically to the IRS if the total number of all information returns to file (including all 1099s and W2s to be filed, along with the other forms stipulated by the IRS) equals 10 or more. The School Accounting System has a direct connection to the IRS’s application in order to submit the 1099 information returns. With the application-to-application connection included in the School Accounting System, the process to file 1099s electronically to the IRS is very simple and secure, and does not require any pre-authorization or approval process; thus, all School Accounting System users will file the 1099 information returns electronically. The due date for reporting 1099-NEC forms electronically to the IRS is January 31, and the due date for reporting 1099-MISC forms electronically to the IRS is March 31.
_____ 12. If applicable, create the state 1099 electronic file to submit the 1099 information to the appropriate state department, if not participating in the Combined Federal/State Filing Program.
Steps
to Create State 1099 Electronic File
_____ 13. Make a backup.
Tip: Reminder, to retain a backup for a longer period of time or make a backup to a different location in order to store it in a safe place away from the office, be sure to select to make an additional copy.