Use the Reporting Entity window to define reporting entities for your 1099 tax reporting. A reporting entity is any person or organization that has a unique Tax Identification Number (TIN).
You can submit the following 1099 reports for a specific reporting entity:
- 1099 Invoice Exceptions Report
For each reporting entity, you assign one or more balancing segment values. For example, you define a reporting entity called Headquarters which is comprised of Company 1, Company 2, and Company 3 (three balancing segment values). When you submit a 1099 report, you specify Headquarters as the reporting entity for which you want to submit the report. Payables prints on the 1099 report the accumulated payments for Companies 1, 2, and 3. Payables sums up the paid invoice distributions that have these company balancing segment values in their accounts.
- 1099 Supplier Exceptions Report
Defining Tax Entities
To define tax entities:
1. In the Reporting Entity window enter the Name, Location, and Tax ID Number of the reporting entity you are defining. If you submit the 1099 Tape for this tax entity, the Tax ID Number value should be nine digits or the program will fail.
Enter one or more balancing segment values that comprise the reporting entity.
Reporting Entity Window Reference
1099 Reporting Overview
Payables Programs, Reports, and Listings