Your business fiscal calendar may not be set up on a calendar year, but 1099 payments are reported for the January through December period. Doing the year-end closing of the Accounts Payable module does not automatically close the 1099 year.  The process for doing this is different in Vision Point (SBT Vision Point or ACCPAC Vision Point) as compared to Pro Series (Sage Pro Series, ACCPAC Pro Series or SBT Pro Series).  Here’s a little guide to help you in this process.

How does it work in Pro Series?

In Pro Series, when you close the 1099 year, the Year to Date 1099 accumulator in the Vendor record is copied from the ‘This Year’ bucket to ‘Last Year’.  After the 1099 year has been closed, you can print 1099’s any time.  When you do print the 1099’s, you choose ‘Last Year’ on the report form option grid.

How does it work in Vision Point?

In Vision Point, the 1099’s are printed first. After they have printed correctly, you will be prompted to clear the Year to Date accumulators. In Vision Point, you have to do this before issuing any checks or disbursements in the new year. If new checks are issued in the new year before clearing the 1099 accumulator, those new check amounts will be incorrectly added to the Vendor’s 1099 total.

Checking 1099 Amounts

There are a couple ways to check the amounts to be printed on the 1099 form for each subject vendor.

• Print the 1099 forms on plain blank paper. You can then check the amount to be reported.
• Print the ‘Detail’ Vendor listing. For those vendors subject to 1099 reporting, the accumulators will be shown on the report.

In the event you discover errors in the amounts to be reported, they can be changed.

• Recent versions of Pro Series including 7.5, 7.4 and 7.3 will allow you to edit the YTD 1099 amount field in the Vendor record.  Do this before closing the 1099 year.
• If you have earlier versions of Pro or Vision Point
  • You can manually type the 1099 form where errors have occurred.
  • You can have your Pro Series or Vision Point consultant adjust the accumulators in the Vendor table before printing.
  • You can use software supplied by some 1099 form publishers to collect and print your forms