This December, Intacct released new features to all clients. These features focused on getting ready for the year end as well as introducing a new service offering! Learn what was released, the latest service offering, and how to prepare for 1099 printing in Intacct.
What was released in December 2014?
- Multi-Currency Rounding Account
- Intacct 1099 and 1096 forms for 2014
- Intacct Global Consolidation
- Unlimited elimination accounts
- Update past consolidations with changes only
What is the new service offering?
Intacct has announced a new partnership with American Express to print and mail your checks! The new subscription is titled “Outsourced Payment Services” and is available under the Company menu -> Subscriptions. For more information, view the Intacct support documentation via Intacct Help.
More information on Intacct Release Notes can be found via your Intacct Company home page under Recent Product News.
Preparing for 1099 Printing
Prepare for 1099 printing by running the 1099 Report for 2014 now. You can use the report to review the amounts paid to your 1099 vendors and also to ensure that you have set up the vendors with the correct form. To find the Form 1099 screen, on the menu bar, point to Accounts Payable. Under Reports, point to 1099/1096, and click 1099.
Can 1099 Figures Be Changed?
Yes they can. 1099 figures can be incorrect if beginning balances weren’t established in the vendor setup or if the Form 1099 checkbox was marked incorrectly on a bill.
First, a refresher on setting up a vendor with 1099 information. Go to Accounts Payable -> Vendors, then choose the vendor from the list and click edit.
***For an easy way to see all of your vendors in one list, check out our tutorial on building a custom list in Intacct.
Under the Additional Information tab, you will find the fields to designate the vendor’s Tax ID and 1099 name. When you have saved that information, go back to the Additional Information tab and click the blue Form1099 link.
A new window will open where you will choose the vendor’s Form and Default 1099 Box that corresponds with the form chosen. The page will refresh showing all boxes available where you can input beginning balances for the selected year. See example below:
If you are a multi-entity shared company and have configured your company to “Issue a separate 1099 per entity”, vendors are assigned entity-specific initial amounts.
To edit a transaction that wasn’t marked correctly for 1099, you will need to have the permission to reclassify bills under the Accounts Payable configuration. You can then go to the bill, click reclassify, and then check or uncheck “Form 1099” on the line item.
If you need assistance preparing for year end, please email Brittenford Support or call 703-828-2432.