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Hello IFS Community,

As we approach the end of the year, we are investigating creating 1099’s out of IFS.  (Version 10).

We also have documentation showing the set-up needed to process 1099s. See attached.  

 

The problem is that it appears we are missing master data set-up (on supplier record) as well as missing information on the manual supplier invoices (i.e. entering income type on invoice).  

 

The question is, can we still create 1099s capturing tax transactions throughout the year?  

 

Is there a way to retro-actively create the tax transactions?  

Any information or past experience on this would be greatly appreciated!

 

Hi, 

For 1099 reporting to work, IFS needs the appropriate set up on the suppliers before you create and pay the invoices.  

That’s not always possible.  Assume you go live in IFS in June or July. In this case ½ the invoices for 1099 are in a different system. 

To accommodate this, you can set up the supplier for 1099.  Create two invoices one + the other as a negative.   The + invoice would include the 1099 income type. The - invoice will be without 1099 income type.   The total values of the invoice = 0. +10 -10 as an example.    The values for the +_ invoice is the total of the non IFS payments to a given supplier.   

Then offset or payment all the invoices.  In reality the payment never really happens we simply need both invoices / all invoices paid.  

To simplify the process, external supplier invoice should work and I believe in  apps 10, the external invoice has income type data.  If I remember correctly either apps 8 or 9 did not have the income type in the external invoice. 

Best to test with a supplier or two to get the process down, then look at external invoice. 

Best regards, 

Thomas

Thanks Thomas for the feedback.  We actually have been on IFS for a few years, but our AP team reached out with IFS creating the 1099s for 2024.  

Looks like there is not an easy way to go back to previously posted invoices to create tax transactions.  

I guess we will look at your suggestion and see if it’s viable as I know we probably 100’s or maybe even 1000’s of invoices to review. 

Regards,

Mark

Not easy, but still need to assess the previously processed invoices. Once the invoices are assessed you can summarize the invoices for a given supplier.  Assume supplier XYZ and 100 invoices for the year. Those 100 invoices summarize to 20K of payments. You then have two invoices to fix (move from no 1099 to a 1099 invoice. 20K + and 20K- 

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