Tag account codes to 1099's
I currently have 1099 vendors that we pay non 1099 expenses. We have to manually go thru hundreds of transactions to verify whether that vendor expense should be on there 1099. If you could tag the account code as a 1099 account such as services and rent this would save quite a bit of time processing 1099's. Our prior accounting system did this so when accounts payable was keying in expenses they didn't have to look at each invoice and divide out the 1099 items from the non 1099 items.
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Bernard Piwinsky
- Jan 25 2017
- Future consideration
Related ideas
I have vendors that receive both payments for services and reimbursements.
All services are 1099ed. However, reimbursements are not. If you tag the
account codes correctly none of these reimbursements would show up in the
1099 calculations. This is the 3rd accounting software I used and the first
one that does not have that option. I find that strange since it should be
such an easy thing to do. I completed my 1099s for this year and had over
a 100 vendors and over 500 transactions to check to insure that the proper
amount was reported. This took two days. By adding this feature, I could
increase accuracy and reduce my workload by at least a day.
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Hi Bernard, would you mind giving us a little more context on how this would be helpful for you?
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