1099s

An important reporting process for many organizations is the reporting of 1099 Income. This section describes the process using BusinessPlus for reporting and printing 1099 forms including the subjects listed below:

• Identifying transactions for 1099 reporting (see Flag Transaction section under setup).

• The common code entries that are necessary for processing 1099s.

• Running the 1099 data in a standard report format.

• Procedures used for running 1099s and producing a 1099 file.

• A description of the Year-End 1099 Report.

1099 related information is retrieved from both the Bank Reconciliation (BK) database and the Open Hold (OH) database. However, if entries with an identical check number and reference are found in both databases, the system will ignore the entry from the BK database. This happens because the check amounts in the BK database may reflect payments other than 1099 related amounts, such as reimbursements.