Do you have W-9’s from your vendors?
You’re not sure? No problem. This article will help you prepare for 1099s.
As we slide into fourth quarter, it’s time once again to review our vendor records.
Let’s create a report using Business Insights Explorer and see if we have the information needed.
- From the AP Explorer menu, select Vendor Payments view.
- Filter the data by check date for the fiscal year.
- Add the column Form 1099 from the AP Vendor file.
- Filter the 1099s form to be equal to N. Group by Vendor Number.
- Add a sum function for the check amount column.
Review the report for vendors who are not incorporated who you’ve paid $600.00 or more.
Request W-9’s from these vendors.
A great way to track if you’ve requested a W-9 is to create a user defined field (UDF).
- Create the custom field as a date.
- Place the UDF for the vendor record on Tab 2.
- This date field can be added to the BIE payments view.
- Now when you request a W-9 from a vendor, fill in the date.
Watch for our lunch and learn on 1099 Year End processing coming at the end of the year.