Discover the learning path that’s right for you

Adding a New 1099 Vendor

Autosoft -

Step 1. From the Dealership Accounting main menu, click Trade Payables.

Step 2. Select 1099 Information from the Trade Vendor Payables menu. The Vendor 1099s menu will open.

Step 3. Click Edit 1099 Vendor Information. The Vendor 1099 Information screen will open. From this screen, you can access the data stored in the 1099 file and the data from the accounts payable file.

Tip:  If you have not closed your accounts payable, a warning will come up to let you know there is no previous year-end data available.

Step 4. The right side of the screen automatically displays a list of vendors flagged in their vendor information file with a “Y” for Send 1099. Click a vendor in the list to display the vendor’s information on the screen.

If you must enter information for a vendor who is not in the list, click Vendor List, and type the first letter of the vendor’s name or click the appropriate letter from the list of letters running down the right side of the Search Vendors screen. This will bring up a list of vendors whose names begin with that letter. Click the vendor to pull the vendor’s information to the screen. The system will prompt you to verify you want to flag this vendor for a 1099 and scan payments made for the year. Click OK to continue.

The system will then display a warning that the scan will delete all current 1099 data and that the accounts payable must be closed for December. Click OK to acknowledge this message and to continue. The system will scan for payments and alert you when the process is complete. Click OK to acknowledge the message and to continue.

Step 5. The Purchase YTD field populates with the year-to-date purchases from the accounts payable schedule. The total Payments For (year) box will automatically appear under Box 7 (Non-employee Compensation). It is your responsibility to confirm this figure is correct and to move this figure, if necessary, to the appropriate box. The information will print in the corresponding boxes on the form. Any adjustment that needs to be made to Box 7 must be entered in the Manually Entered Payments field. Changes directly made to Box 7 will not save.

Important:  You can access instructions for completing 1099-Misc. forms at the following website: http://www.irs.gov/pub/irs-pdf/i1099msc.pdf. Refer to these instructions to make sure you enter the information in the appropriate box.

Step 6. Click Save to save the information. Vendors selected using the Vendor List button will be added to the list on the right side of the screen.

Step 7. When you are finished editing the information, click Exit close the screen.

Have more questions? Submit a request

0 Comments

Please sign in to leave a comment.