57 Review Address Book Information for 1099s
This chapter contains these topics:
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Section 57.1, "Reviewing Address Book Information for 1099s"
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Section 57.2, "Reviewing Supplier and Company Information for 1099s"
Reviewing address book information is the first task in the 1099 process.
57.1 Reviewing Address Book Information for 1099s
Accurate 1099 reporting depends on setting up supplier and company records correctly. The information for suppliers must meet 1099 specifications to be accepted by the Internal Revenue Service (IRS).
Begin preparing for 1099s early enough to review address book information for your suppliers and companies, enter corrections, and still meet the 1099 deadline. Leave sufficient time for researching and updating supplier records.
57.2 Reviewing Supplier and Company Information for 1099s
From Accounts Payable (G04), choose Annual Processes
From Annual Processes (G0422), choose Supplier Master Information
As part of the 1099 process, you must review address book records for your suppliers and companies to ensure that you have the necessary information and that your information meets IRS requirements. To do so, access the following forms:
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Supplier Master Information
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Company Numbers and Names
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Address Book Revisions
When you review your supplier and company information, ensure adherence to the following:
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Supplier address information guidelines
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Company information guidelines
57.2.1 Supplier Address Information Guidelines
When you review supplier address information for 1099s, consider that:
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The mailing name prints as the payee name on 1099 forms. If this is not the legal name of supplier, you must enter a mailing name on Who's Who and flag it as the legal name.
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The last non-blank line of the mailing address prints as the street address on 1099 forms.
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You must indicate which suppliers do not have a U.S. address.
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You must have a valid tax identification number (TIN) for each supplier.
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You must assign a Person/Corporation code of P (person) or N (non-corporate entity) to suppliers for whom you want to process 1099s.
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You can combine supplier records that collectively constitute a single legal entity by using one of the five alternate Address Number fields on Address Book-Additional Information. This lets you select the correct mailing name. This must be consistent, so you must use the same alternate Address Number field for every supplier. For example if you are using Alternate Address Number 3 for the combined supplier address number, then you must use that same field to combine other suppliers. This concept is the same for combining company address numbers, and uses the same alternate address number field.
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If a payee's legal name is different from the name under which the company is doing business, T (1099 legal name) should appear in the Type Code field.
See Also:
57.2.2 Company Information Guidelines
When you review company information for 1099s, consider that:
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If the company number is different than the company's address book number, you must assign the company address book number to the company on Company Numbers and Names.
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You must have a valid TIN for each company. One TIN can be used for multiple companies.
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The address, name, TIN and phone number for the company prints on 1099 forms.
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You can combine company records that collectively constitute a single legal entity by using one of the five alternate Address Number fields on Address Book-Additional Information. This lets you select the correct mailing name. This must be consistent, so you must use the same alternate Address Number field for every company you are combining. For example if you are using Alternate Address Number 3 for the combined company address number, then you must use that same field to combine other company address numbers. This concept is the same for combining supplier address numbers, and uses the same alternate address number field.
57.3 Verifying Supplier Information for 1099s
A tax ID is required for each supplier. The system uses this information for the TIN on 1099 forms, which is required by the IRS for 1099 purposes.
You can verify the completeness and accuracy of your supplier tax ID information by:
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Reviewing the W-9 Exception Report
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Reviewing the W-9 Report with Tax ID
These reports list suppliers who are individuals (P) or non-corporate entities (N), as assigned on Supplier Master Information. After you review each report, make any corrections, then print and review the reports again.
57.3.1 Reviewing the W-9 Exception Report
From Accounts Payable (G04), choose Annual Processes
From Annual 1099 Processing (G0422), choose W-9 Exception Report
You can verify the completeness and accuracy of your supplier tax ID reviewing the W-9 Exception Report.
To meet IRS requirements, you must have a tax identification number for each supplier. The W-9 Exception Report lists suppliers who are assigned this number.
This report lists suppliers who are individuals (P) or noncorporate (N), as assigned on Supplier Master Information. After you review the report, make any corrections, then print and review the report again.
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57.3.2 Data Selection for W-9 Exception Report
Depending on whether you updated YTD voucher amounts for the 1099 calendar year you are reporting, the data selection should be as follows:
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If you ran the update program, Amount Vouchered PYE should not equal (NE) *ZERO.
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If you did not run the update program, Amount Vouchered YTD should not equal (NE) *ZERO.
57.3.3 Reviewing the W-9 Report with Tax ID
From Accounts Payable (G04), choose Annual Processes
From Annual 1099 Processing (G0422), choose W-9 Report with Tax ID
The W-9 Report with Tax ID lists suppliers who are assigned a TIN. You can use this report to locate duplicate tax IDs.
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57.3.4 What You Should Know About
| Topic | Description |
|---|---|
| Abbreviated column headings | P indicates Person/Corporation code. |
See Also:
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Chapter 114, "A/P Annual Close - Calculate YTD Vouchered (P04820)" for an explanation of amounts vouchered
57.3.5 Data Selection and Sequence for W-9 Report with Tax ID
Depending on whether you updated YTD voucher amounts for the 1099 calendar year you are reporting, the data selection should be as follows:
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If you ran the update program, Amount Vouchered PYE should not equal (NE) *ZERO.
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If you did not run the update program, Amount Vouchered YTD should not equal (NE) *ZERO.
You can use Tax ID as the first data sequence to locate suppliers with duplicate tax IDs.