Sage 50 Year-End Guide > Payroll Year-End Procedures > Print Yearly Reports and Forms > Print vendor 1099 forms
Print
Vendor 1099 Forms
How Do I...
Before closing the payroll year, you must print 1099 forms. Annual 1099
forms are required for independent contractors and vendors that your company
has paid interest to for services on loan. Sage 50 prints 1099 information
on preprinted 1099 forms, not blank paper. Federal 1099 forms can be purchased
from Sage 50 Forms, government agencies, or various office supply retailers.
Note: Sage 50 highly
recommends that you first print vendor 1099 forms on plain paper to verify
vendor payment totals and form alignment.
You have the choice of printing 1099-MISC to report non-employee compensation
of $600 or more a year or 1099-INT to report those vendors to whom you
paid more than $10 in interest a year. When you enter a vendor in Maintain
Vendors, there is a field for
on the General tab.
Before printing the 1099 forms, you must
verify that your company information will print correctly the forms and
that general ledger accounts settings are made for various 1099 payments.
- From the Maintain
menu, select Company Information.
In the Maintain
Company Information window, ensure that your company's address and
telephone number are entered correctly.
- From the Maintain
menu, select Default Information,
and then Vendors. In the Vendor
Defaults window, select 1099 Settings
tab. Here you can establish how vendor 1099 calculations will be made
for each of the general ledger accounts in your chart of accounts. You
can choose whether 1099 payments made out of a given account will be calculated
for miscellaneous income-type contractors or for interest income-type
contractors. You can also choose to have no 1099 calculations made for
the given general ledger account. This allows you to write checks to vendors
and have them either only effect one of 1099 accounts or not effect the
1099 calculation. How do I set up 1099 settings?
You must print your vendor 1099 forms before
you close the payroll (calendar) year.
- Insert blank preprinted
1099 forms into your printer. Sage 50 only prints the 1099
Miscellaneous and the 1099 Interest
forms. Learn how to purchase preprinted federal forms.
- From the Reports & Forms
menu, select Forms, then Tax Forms .
Sage 50 displays the Select
A Report or Form window.
-
Select either the 1099-INT form (for
printing 1099 interest income statements for vendors as required by the
IRS) or the 1099-MISC form (for printing 1099 miscellaneous income statements
for vendors as required by the IRS).
- Click the Preview and Print button which is located below the sample image on the Select a Report or Form window. Sage 50 displays the Preview and Print filter screen.
- Verify that the payroll
year is correct.
- If you want to manually
adjust lower limits, which are established by the federal government,
click the Adjust Limits button.
In the 1099 Lower Limits window, set
the limits as desired. Tell me more about this.
-
In the Filter vendors by section, enter or select a
vendor ID range or accept the default of all vendors.
In the Payment Method filter, select the type of payments to include when calculating the 1099s. Tell me more about this.
- When finished with
the settings in the filter window, select Print/Email.
-
In the Print dialog, Sage 50 displays
the default printer. If you want to print to a different printer, use
the drop-down arrow in the Name
field to select a new one. Otherwise, select OK
to begin printing the forms.
If you get a message that there were
no forms to print, you may not have vendors set up as 1099-type vendors,
or the 1099 vendors do not meet the minimum payment requirement.
To print multiple copies, repeat the above
procedure.
What do you want to do next?
Before
you print vendor 1099 forms