Clear 1099 Amounts

Menu Path: Fund Accounting > Periodic Routines > Periodic Processing > Clear 1099 Amounts

Use this option to clear the year-to-date 1099 amounts in your vendor records. This is required in order to begin a new tax year.

Once this option is run, the 1099 work files for the past tax year cannot be created.

Prerequisites

Prior to running this option, complete the following:

• Back up the Fund Accounting database and ensure that all other users are logged out of Fund Accounting.
• Ensure the 1099 work files have been created and verified in accordance with current Internal Revenue Service regulations.
• Print a Vendor List report and retain this as a record of the 1099 payments to each vendor over the past year.

Clear Year-to-Date 1099 Amounts from Vendor Records

Complete the following steps:

1. Choose the Clear 1099 Amounts page.
2. Click Process to clear the 1099 data from vendor records.
3. To confirm all 1099 year-to-date amounts have been cleared, verify the vendor records using the Vendor List option.
4. After confirming the 1099 amounts are cleared, begin issuing vendor checks for the new calendar year.