Brittenford recently hosted a webcast on how to process 1099s and year-end procedures for Intacct. This informative webcast was moderated by Stephanie Smith and led by Ann Scanlan, who showed the important steps in closing out the year quickly and efficiently.
In addition to the tutorials, the webcast highlighted the release highlights and upcoming update calendar for Intacct users. We would like to welcome you to learn more by downloading the webcast for year-end closing video walkthroughs and deeper insight.
As most of the closing in Intacct is automated, the year-end closing process is simple, but the information below does show the biggest concerns among end users.
2015 Release Highlights
What were the most important updates you may have missed? With four releases per year recommended by end users, updates to meet the needs of all users met the needs of companies of all sizes and industries. Some of the biggest are as follows:
Reporting accounts allow your company to create reports in different charts of accounts with different structures. For multi-entity companies that run off one chart of accounts, the new reporting accounts allows you to display accounts in a different structure to report to subsidiaries or company to whom you report.
AP/AR Account Overrides
Prior to this year, you were taught in the ways that Intacct only allowed one AP or AR account offset in your setup. Now, you can set up multiple offset AP/AR per transaction if your company was to need that.
Intacct enhanced budget reporting to allow users and reporting entities to display budgets with more information, providing functionality to:
- Show Budget Amounts Across All Periods
- Display and Filter Your Budget with Any Dimension Combination
- For IGC Companies, Run a report on consolidated Budgets vs. Local Budgets
Dashboard Drilldown for Graphs and Performance Cards
Prior to this year, users were able to drilldown on reports, but not able to do this for graphs or performance cards. An enhancement to the performance card function, you can gain further insights into your financials.
Additional Release Highlights
- Freeze Column Headers on HTML Reports: Keep headers in the screenshot
- Transaction Definition Interface Updates: If you use workflows, the release to transaction definitions made order entry, inventories, and purchasing workflow modules easier.
- Draft Bills, Invoices, and Adjustments: Avoid mistakes and ease the ongoing process of creating bills, invoices, and adjustments by saving each as a draft and coming back to edit or complete later.
- Intacct Community: The Intacct Community was revamped to make the recommendation and collaboration process easier. Post discussions, comments, ask questions and submit ideas to improve your overall Intacct Experience.
- Intacct Collaborate: Launched in early 2015, Intacct Collaborate has continued improving ever since. Allowing you to better reach out to other departments, the Salesforce.com-enabled platform is built on Chatter, allowing users to cut down barriers between offices and departments within the Intacct platform.
- Ability to Print Three Checks on one page: If you’re printing out checks one per page, you’re wasting paper. This feature saves paper by allowing you to print three checks per page.
For more, check out the Recent Product News section on your Intacct home page. If you’d like any help setting up these new features or have any questions, contact Brittenford, and we would be glad to help.
2016 Release Calendar
With four releases per year, Intacct is one of the few vendors to provide the constant improvements users request. Stay tuned for information on what is released during the following dates:
- Release 1: February 19, 2016
- Release 2: May 20, 2016
- Release 3: August 19, 2016
- Release 4: November 11, 2016
Preparing for 1099 Printing
Run a 1099 report now to prepare for the 1099 deadline and 1099 printing in early January 2016. Doing this will allow you to better prepare for the printing and to correct errors before you do.
In the meantime run the 1099 report for 2015. This will give you your vendor information and 1099 amounts you should be preparing 1099s for (before the deadline):
- Go to ‘Reports’
- Hover over 1099/1096
- Click 1099 Reports
A benefit of this, of course, is being able to correct any information you may have on Form 1099.
What to Do if 1099 Information is Incorrect
Common occurrences of incorrect information include beginning balances were not established on the vendor record, or the vendor record was not set up to be a 1099 vendor, and that a transaction was created that didn’t have a 1099 box checked off.
Beginning Balances Were Not Established On the Vendor Record
To fix this, set up the vendor as a 1099 recipient:
- Go to Accounts Payable -> Vendors
- Designate the Vendor’s Tax ID and 1099 name under the Additional Information tab and save
- Go back to the Additional Information tab and click the blue Form1099 Link
This will open a new box, “Form 1099 with Default Box”
Note: If you haven’t established beginning balances, you can import under setup company without having to do each manually.
- Choose the Vendor’s form and Default 1099 Box that corresponds with the form chosen
- Input beginning balances or adjustments
Incorrect 1099 Accounts
If your 1099s have incorrect amounts due to transactions not being marked as 1099, you still have the ability to reclassify transactions as 1099s, either from 1099 to not or vice versa.
Intacct Form 1099 Frequently Asked Questions
- Question: Why is my 1099 report blank?/Why is my vendor or bill missing from the 1099 report?
- Answer: Normally caused by 1099 information not selected for vendor.
- Question: Where do I set 1099 Printer Settings (Print Offsets)?
- Answer: Accounts Payable -> 1099/1096 -> Form 1096 (Bottom of Page)
- Answer: Accounts Payable -> 1099/1096 -> Form 1099 (Bottom of Page)
- Question: Can a 1096 be printed from Intacct?
- Answer: Yes. Accounts Payable -> 1099/1096 -> Form 1096
- Question: Why is there no Amount on my 1096 Form?
- Answer: Intacct only supports the company info on the 1096 form. The amount needs to be entered manually by the user. You can get that information from the 1099 report.
- Question: Where Can I Get My Tax Form?
- Answer: The supported forms can be found at Resources -> Forms Center -> Shop Tax Forms
- Answer: intacctforms.com
- Question: What if we have a third-party print and mail 1099 forms?
- Answer: Create a 1099 file and export the data. If you want to see the amounts paid to vendors, along with their 1099 categories, run the 1099 report to show all of the 1099 data.
- Question: What if we have 250 or more 1099s?
- Answer: If you have more than 250 1099s, it is required that you file electronically. There are third-party programs that will help you with this, available at http://www.marketplace.intacct.com/marketplace?search=1099
Notes on 1099s
- Don’t forget to change the year before printing the forms
- If the vendor’s total 1099 amount is less than $600, Intacct will not generate a 1099 for that vendor
- 1099 amounts show in the year that bill is paid
- Exapmle: If you pay a vendor in 2011 for a bill in 2020, the payment will be on the 2011 Form 1099.
- Company Address will be the legal address on the company info screen for a single entity (Company -> Company Info)
- Company address for ME-shared will be the contact record on the entity (Company -> Entity -> New Contact)
Again, if you have any questions into closing, preparing 1099s, or the new features released over the course of the year, please contact Brittenford.
Did you know? Brittenford can help you fill your accounting ant IT needs, whether that’s temporary, temp-to-perm, or permanent staffing. Visit Brittenford Staffing for more information.