Sage 50 Year-End Guide > Payroll Year-End Procedures > Print Yearly Reports and Forms > Enter after-the-fact payment information to print vendor 1099 forms

Enter After-the-Fact Payment Information to Print Vendor 1099 Forms

How Do I...

Before closing the payroll tax year, you must print 1099 forms. 1099 forms are required for independent contractors and vendors that your company has paid interest for services on loan.

If you have vendors that need a 1099 form printed but the vendors are not entered in Sage 50 and payments have not been made to them, this is considered "after the fact." The same can be true of employees. For example, if an employee needs a W-2 form at the end of 2011 but no payroll checks have been entered for that particular employee during 2011, you must enter after-the-fact payroll information to print the form.

Note: Before printing payroll and 1099 forms, install the latest Sage 50 tax service update. This ensures that your forms will be in compliance with current federal regulations. For example, before printing 2012 forms, you must install the 2013 Sage tax service update.

To enter after-the-fact payment information for vendors

The following steps will show you how to print after-the-fact 1099 forms for vendors or contractors.

Set up the vendor's record (if it is not already set up).

From the Maintain menu, select Vendors.
Enter the information needed to establish a new vendor record.
In the General tab, select the miscellaneous or interest 1099 type.
Select Save.
Repeat the above procedure for each new 1099 vendor.

Next, you will need to enter an after-the-fact payment for the vendor.

From the Tasks menu, select Payments.
Enter or select the after-the-fact vendor ID, and enter the total amount paid to the vendor for the current payroll tax year. Enter a check date (within the payroll tax year for which you are printing 1099 forms) and a check number.

It is not necessary to print the disbursement check. Unprinted check totals are included when printing 1099 forms.

Note: If you do not want the payment to affect your General Ledger, use the same account ID in the cash account and the G/L account (expense account) fields.

Select how you are paying this vendor in the Payment Method field. Why is this important?
To record the payment transaction to the General Ledger, select Save.

Before printing the 1099 forms, you must verify that your company information is set up correctly and that vendor payment totals are entered correctly.

To verify payment information, run the Vendor Ledger report to verify the cash disbursement figures. Payments are listed as CDJ transaction types in the Vendor Ledger.

To print after-the-fact vendor 1099 forms

After verifying that the vendor's payment information is entered correctly (see above), you can print 1099 forms. To do this, see the following topic:

Print vendor 1099 forms

Enter After-the-Fact Payment Information to Print Vendor 1099 Forms

To print after-the-fact vendor 1099 forms

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