PowerSchool ERP Fund Accounting
PowerSchool ERP Fund Accounting
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Create 1099 Work File

Before running this option, all accounts payable must be completed for the tax year; otherwise, your 1099 work file may not be accurate. For additional prerequisites and information, refer to 1099 Processing.

From the Fund Accounting menu, select Periodic Routines. From the Periodic Processing menu, select 1099 Processing, then click Create 1099 Work File.

Overview

After you complete your 1099 setup records, use this option to copy vendor data from accounts payable records and create the 1099-Misc, 1099-NEC, 1099-G, and 1099-Int work files to generate 1099 forms and electronic files.

The system extracts accounts payable information from the Fund Accounting Vendor List and determines which vendor records to copy into which work files, as follows:

  • Checks the vendor 1099 Type and matches it with the Type Code designated in the 1099-Misc, 1099-NEC, 1099-G, or 1099-Int setup record.

  • Checks the vendor record to determine if the total of the YTD 1099 and Previous 1099 amounts is greater than or equal to the Minimum Amount defined in the 1099-Misc/NEC, 1099-G, or 1099-Int setup record.

After you create the initial 1099 work files, use Maintain Work File options to add, change, or delete the vendor transaction records stored in these files.

Create 1099 Work Files

  1. Verify that all outstanding payables have been processed and that the 1099 amounts have not been cleared for the new year.

  2. Open the Create 1099 Work Files page.

  3. The value in the Tax Year field defaults from the main setup record. This should match the tax year for your current 1099 reporting.

  4. For Drop Current Records:

    • Select the checkbox if you want to restart the 1099 work file process. All existing records on the Maintain Work Files pages are deleted and the Create 1099 Work Files process creates a fresh set of records for all 1099 types. If you had previously created 1099 work files and made edits or added records on any of the Maintain Work Files pages that you do not want to lose, leave the checkbox blank.

    • Clear the checkbox (leave it blank) to overwrite existing vendor work file records with the current information from the Vendor List, without losing records that were added with the Maintain Work Files options. This loads additional records and updates existing records, but retains any vendor records you have added to the work file that do not exist in the Vendor List.

  5. Click OK.

  6. Click Yes.

  7. To review the data loaded, run the Edit List options from the 1099 Processing menu for each of the 1099 Types (Misc, NEC, G, and Int).

Error Log

A log file is generated by the Create 1099 Work Files process, identifying the following issues to be corrected:

  • A vendor is missing a Federal Tax ID or Social Security Number and has reportable payments.

  • The zip code is not in the correct five or nine-digit format.