The overall 1099 Reporting Process includes steps involving setup for the 1099 year, entering 1099 Suppliers and Vouchers throughout the year, and processing 1099 reportable items.
The purpose of this document is to assist with the task of entering 1099 Vouchers.
1099 Reportable items are those items that are payable to unincorporated entities (individuals, sole proprietors, or partnerships) for services, non-employee compensation, rents, royalties, or prizes and awards. Each institution is responsible for tracking its 1099 reportable items, sending reports to the individual Suppliers, and sending a file to the IRS noting the 1099 reportable items and Suppliers
Author: Teodra Ivanova
Date: 10/26/20
Version: 1.0