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Supplier Setup for 1099s

  • 28 September 2020
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Is there a guide to supplier setup within IFS to help facilitate 1099s? I see in the Supplier Setup where a TAX ID can be entered, but am wondering if there is a way to indicate that they are eligible to receive a 1099? In other ERPs used in the past there was a box you checked to indicate the supplier should receive a 1099, then at year-end a report could be run for all 1099 eligible suppliers with the total spend for that year making the creation of the 1099s much easier.  

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Best answer by ShawnBerk 29 September 2020, 03:12

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Yes there is info in the help - this is V9

 

From the Supplier setup view

Invoice > Tax Information

 

Then RMB to Tax Witholding/Reporting to setup the details.

 

 

It is a little more sophisticated than a check box.

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On the tax withholding/reporting drop down, you can select report income or report income/withhold tax. What is the difference?  I have conflicting information on which one to use to indicate a 1099 supplier. 

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Hi, 

The above is not necessarily 100% accurate.  Back in apps 8 the 1099 process changed.  We need to set up tax withholding.   We need that new solution going forward. Some older releases still worked based on that set up, but that “old” solution does not support the revised IRS regs. 

R&D created a PPT for the revised solution. I’m including a print screen of how a supplier would be set up “today” 

I’m attaching the R&D PPT for the “revised” 1099 reporting for the new IRS regs. 

 

Hope this helps. 

Best regards, 

Thomas

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Hi, My bad, need this set up as well. 

 

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Thanks - this is very helpful.  I am having one final problem.  The setup is complete. I have entered a supplier invoice and paid it.  GL has been updated.  The invoice appears in tax transactions.  I have run the calculate income amount on the tax transactions screen.  The invoice does not appear on my tax proposal.  Any common problems with this step?  I am in apps 10.

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Did you follow the steps in the PPT?   The new tax reports select data based on tax groups and sub groups.   

Check your data - for the below.   This is just a sample. 

The sub groups should have data as well. 

If you don’t have that data -  you may be able (IN TEST) to do an update company - selecting only the tax type data from the STD-US template.   

See the next posting (text has a max - I believe). 

 

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See the word doc… 

Only do this in TEST.   

Best regards, 

Thomas

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