PowerSchool ERP Fund Accounting
PowerSchool ERP Fund Accounting
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Setup 1099-Misc/NEC Parameters

Use this option to define settings for loading 1099-Misc and 1099-NEC records into a work file.

From the Fund Accounting menu, select Periodic Routines. From the Periodic Processing menu, select 1099 Processing, then select Setup 1099-Misc/NEC Parameters

Define the type codes and minimum amounts for the following payments:

1099-MISC Boxes

Box

Payment Type

1

Rents

2

Royalties

3

Other Income

5

Fishing Boat Proceeds

6

Medical/Health Care Payments

8

Substitute Payments

9

Crop Insurance Proceeds

10

Attorney Fees

12

Section 409a Deferrals

14

Golden Parachute Payments

15

Nonqualified Deferred Comp

The list will change depending on the Tax Year you select on the Setup Main 1099 Parameters page. Visit the IRS website for details about the boxes for each tax year.

1099-NEC Boxes

Box

Payment Type

7

Non-Employee Compensation

Fields

Field

Description

Code

Code indicating the type of 1099 payment to load in the corresponding box on the 1099-Misc and 1099-NEC forms. The selections in the drop-down list come from Fund Accounting's 1099 Types table. If the appropriate selections do not display, be sure to add the missing records to the table.

Minimum Amount

Minimum year-to-date 1099 payment total allowed for a 1099 form to be created for a vendor. For example, if you enter 600.00, 1099 forms are created only for vendors who were paid $600 or more over the past year.

Box 18 and Box 7

Select to sum boxes into:

  • Box 18 - State Income of the 1099-Misc form if the selected row has an amount exceeding the Minimum Amount

  • Box 7 - State Income of the 1099-NEC form if the selected row has an amount exceeding the Minimum Amount

This also populates:

  • The 18 - State Income field on the Maintain 1099-Misc Work Files Update page.

  • The 7 - State Income field on the Maintain 1099-NEC Work Files Update page.