It’s that time of year again, and we’re swinging into 1099 season. With the release of Dynamics GP 10, Microsoft has greatly enhanced the processing of 1099 information within Dynamics GP. Have I peaked your curiosity?
This blog will provide you with an overview of the changes included in GP 10 that will allow you to populate multiple boxes on a single 1099 form, easily and efficiently.
First, let’s look at the Dynamics GP 10 Vendor Maintenance Options screen (Cards | Purchasing | Vendors | Options). You’ll notice a new field, “1099 Box”. This allows you to set a default for capturing transactional amounts for each 1099 vendor. The drop-down list accommodates all the current Form 1099 fields.
Don’t forget, defaults set at the Vendor level, can be overwritten at the transaction level. You may run into a situation, where you have transactions for a specific vendor that would require you to populate multiple boxes on the 1099 form. In previous versions of Dynamics GP, you would have to print multiple 1099 forms. Not so in Dynamics GP 10.
Let’s take a look at the Payables Transaction Entry window in Dynamics GP 10.
At first glance, nothing looks different on the Payables Transaction Entry screen (Transactions | Purchasing | Transaction Entry). The power comes when you click the blue arrow to the right of the “1099 Amount” field. A new window opens, allowing you to assign the transaction amount to the appropriate 1099 box, thus allowing you to populate multiple 1099 boxes on a single 1099 form. See below.
Also, included in Dynamics GP 10 is the ability to set minimum amounts for each Form 1099 box (Microsoft Dynamics GP | Tools | Setup | Purchasing | Payables | 1099 Setup button). You can change any of these amounts simply by typing in the desired field. See screen example below.
As a result of the changes in Dynamics GP 10, the Print 1099 (Microsoft Dynamics GP | Tools | Routines | Purchasing | Print 1099) screen has changed. You’ll notice that the “1099 Box Number” and “Minimum Required” fields have been removed. As always, the Print button and Printer icon serve difference purposes. Click the Print button to print your 1099 forms, and click the Printer icon to print your 1099 edit list.