2018 1-24 Intacct Year End Closing Procedures

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2017 - 1099 Setup and FAQs

Diane D TaylorProject Manager, Partner Services

December 6, 2017

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Learning Objective

• Discuss YE close

• Review 1099 Process

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COURSE UPDATE DATE: JAN 23, 2018

COURSE REVIEWED BY: BUU-LINH TRAN

COURSE REVIEW DATE: JAN 23, 2018

NASBA FIELD OF STUDY: SOFTWARE TRAINING

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Getting Started

Tax forms supported by Intacct:

• 1096

• 1099-MISC

• 1099-DIV

• 1099-INT

• 1099-R

• 1099-S

• 1099-PATR

• 1099-G

• W2-G

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Getting Started

Purchase Intacct supported forms from: Home page> Resources > Checks and Supplies

OR

Directly: intacctforms.com

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1099 Setup – Vendor Setup

Go To: Accounts Payable > Setup > Vendors or Purchasing > Setup > Vendors

Additional Information – tag as 1099 Eligible

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• If the ‘Print As’ and 1099 Name are exactly the same, then the 1099 Name will be suppressed and the ‘Print As’ name will appear on the 1099

• If you enter a 1099 Name and it is different than the ‘Print As’ field, both fields will print on the 1099 with the 1099 Name on Top


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• Specific 1099 Contact

• No need to update the primary contact

• Simplifies the process of having a different address for 1099’s

If there is a 1099 Contact, the Name will print on the 1099 in place of the “Print As” field on the Vendor record. If there is a 1099 Name on the Vendor record it will print that first and then the Contact Name, if they are different. If they are exactly the same, only one name will print.

Dedicated 1099 Contact

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1099 Setup – Vendor SetupThis screen displays after you Save the vendor info.

If you wish to enter YTD balances for this year, select the default date of this year found in the Initial Values for Yeardrop-down list. Then, enter the starting YTD balances in the blank fields. Future amounts you pay the vendor through Sage Intacct are added to the amounts, if any, you enter here.

Tip: Remember to only enter the calendar year-to-date 1099 balance for each vendor (In addition, if your company is on a fiscal year that does not correspond with the calendar year, you need to back out payments made to that vendor during the prior calendar year.)Also, AP Advances cannot be tagged as 1099able, so you may need to include these in your Initial Values for the year.

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1099 Vendor Setup - Continued

• For multi-entity shared companies, the process varies depending on whether the Issue a separate 1099 per entity checkbox is selected or not in the Multi-Entity subscription/configuration.

• When the Issue a separate 1099 per entity checkbox is selected, initial YTD amounts are entered at the top level by selecting the entity, or entity level for each entity. In this mode, vendors in each entity are assigned entity-specific initial amounts, even if they use the same vendor.

• If not selected, initial amounts for all vendors and all entities are entered at the top-level.

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Entering Information for "Other Form 1099 Boxes"

• When you have set up a vendor as 1099 eligible, and then make payments to that vendor, the Intacct system keeps track of that information and automatically prints it on 1099 forms. However, some information required for a 1099 form may not be available on the Intacct system. If you examine an actual 1099-MISC form, you will notice that box 9 contains information that is not available on the Intacct system. Consequently, blank fields are provided for you to enter this information. If you had selected this form in the drop-down list, you could add an "X" in Box 9 (if applicable).

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1099 Setup – Line-Level Override Options

• Go to Accounts Payable > Setup > Configure > 1099 Section

A single vendor can have multiple 1099 forms/boxes

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1099 Setup – Update Transactions

• On the vendor record, changes to the 1099 Vendor Form or Box will provide the ability to update all associated transactions with the new default Form and Box.

Be sure to read the message before clicking OK or cancel

If in 2018, and select OK, this will change transactions for 2017 and 2018

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1099 Setup – Employee for Expense Reimbursements

• New Employee

Existing Employee

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1099 Setup - Employee

Steps for setting up a Employee for 1099s

1.Navigation: Time and Expense> Employees (or) Projects > Employees

2.Click the “Edit” button next to the employee you wish to edit

3.On the “Employee Information” tab, click on the “Form1099” link

4.Select the form from the “Form Name” dropdown

5.Select the default 1099 box from the “Default 1099 Box” dropdown

6.If a multi-entity, select the entity associated to the entity providing the 1099

7.To enter year-to-date values, enter the year for the 1099 transactions

8.Enter the beginning balance, or year-to-date value, in the applicable box

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Uploads for 1099s

• Uploading Vendors

• FORM1099TYPE/BOX. In the normal user interface, you find these fields on the Form 1099 Information page by clicking the Form1099 link for an existing vendor. These fields set the default form type/box for transactions going forward. You may later update this field to other box types for individual existing transactions using the Update Vendor 1099 Transactions upload.

• NAME1099 supplies the information for the Recipient's Name box on the 1099 form. In the normal user interface, this field is titled 1099 Name and is found on the Vendor Information page, Additional Information tab. On the 1099 form, the system places the 1099 name first in the "Recipients name" box if the 1099 name exists, and the ‘print as’ name (which is usually a copy of the vendor name) second. The print as name is found on the Vendor tab. If the 1099 name does not exist, the system places the ‘print as’ name as the only name. You can update the NAME1099 field for multiple vendors simultaneously with the Update Vendor 1099 Transactions upload.

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Uploads for 1099s - Vendors

There are 3 uploads that impact 1099 processing for Vendors

• Vendors – can be used to import new vendors and update existing vendors

• Vendor 1099 Opening Balances

• Vendor 1099 Transactions Update

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Uploads for 1099s - Employees

There are 3 uploads that impact 1099 processing for Employees

• Employee – can be used to import new employees and 1099 data

• Employee 1099 Opening Balances

• Employee 1099 Transactions Update

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Vendor Upload - FORM1099TYPE, FORM1099BOX, and NAME1099 can be imported when the Vendors are imported. **At this time, the 1099 Contact is not available to be uploaded.**

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Vendor 1099 Opening Balance

Errors - Good records are uploaded and the bad ones are returned, along with an explanation of corrections needed

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Uploads for 1099s

Vendor 1099 Transaction Update

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Uploads for 1099s

Vendor 1099 Transaction Update (or Employee 1099 Transaction Update)

This upload is different from most others because you do not create new records. Instead, you update existing ones. The upload can retroactively mark existing transactions as 1099-able for vendors you specify and for a given time period. Additional fields update the 1099 form type and box, as well as the 1099 name. You may update any combination of these fields in a single upload. For example, you could update the form type and box, but not the 1099 name and transactions. You must include form type and box as well as the date range for a transaction update. ***Please Note: For CSV-imported bills, you can mark bills as 1099-able if you imported them as unpaid or partially paid, but not if you imported them as paid.

The system ignores a blank in the NAME1099, DEFAULT1099TYPE, and DEFAULT1099BOX fields, and does not change the existing data. To delete the data, enter the value NULL.

UPDATETRANS is required. If you enter a Y, the system flags all the transactions for the given date range as 1099-able. An N instructs the system not to flag the transactions. If you enter a Y, then you must also supply data for type and box, as well as the date range.

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Uploads for 1099s

Vendor 1099 Transaction Update

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Verify 1099 Status – Custom List View

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• Consider adding a filter to only see vendors with 1099 information

• Sort results and name the view

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1099 Printing

• Go to Accounts Payable > Reports > 1096/1099

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1099 Setup – Credit Card Transactions

• When printing the 1099’s, have the option to exclude Credit Card transactions

• Go to Accounts Payable > Reports > 1096/1099 > 1099 Form

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1099 – Create File

• The 1099 Create File screen enables you to create a data file that you can send to a third-party service that specializes in printing and mailing 1099 forms. These services also file the required information with the Internal Revenue Service.

• You can export the file offline in either CSV or Excel file format, or you can export the data online in one of the following file formats: CSV, Excel, XML, or XSD.

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1099 – 2017 Enhancements

1099 eligible manual payments with ease:

• more flexibility with an editable 1099 checkbox on manual payments.

• Enable this on the Configure Accounts Payable page in the 1099's section.

Flag AP adjustments as 1099 eligible

• No more awkward workarounds – flag AP adjustments as 1099 as needed

• AP Managers can also now pull adjustments into the 1099 report for greater visibility and tracking.

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1099 – 2017 Enhancements

1099 options for Purchasing

• Before, you couldn't override the 1099 flag or form for Purchasing transactions that affect Accounts Payable (like vendor invoices) without needing to leave the Purchasing application.

• Now, you can configure your Purchasing module to enable 1099 flag, box, and line item override for purchasing transactions.

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1099 FAQs

• What Tax Forms Does Intacct Support? Intacct supports the following tax forms: 1096, 1099-MISC, 1099-DIV, 1099-INT, 1099-R, 1099-S, 1099-PATR and 1099-G, W2-G

• How do I update or change the 1099 amount for a vendor? You can manually update a Vendors 1099 amount by:

1. Select Accounts Payable from the top navigational bar

2. Edit the appropriate vendor.

3. Go to the "Additional Information" tab

4. Click on the "1099 Form" link (Note: this only appears in edit mode)

5. Select the correct 1099 year

6. Select the appropriate 1099 form for this vendor and enter the amounts you want to add to the vendor's current 1099 balance

7. Save Changes

**Note, in order to reduce the vendors 1099 amount a negative number can be entered.

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1099 FAQs• Why is my 1099 Report blank? / Why is my Vendor or Bill missing from the 1099 report?

This is normally caused by 1099 information not selected for a vendor. To check this:

1. Go to Accounts Payable

2. Edit the appropriate vendor.

3. Go to the "Additional Information" tab

4. Click on the "1099 Form" link (Note: this only appears in edit mode)

5. Select the correct 1099 year

6. Verify the 1099 type has been selected

• No, it is not selected: Select the default 1099 for type and box. On ‘Save’ the system will provide a prompt if you want to update Current Year and Last Year transactions. If ‘Cancel’ selected, then you would need to enter the vendors 1099 amount in the appropriate box for the amount to be shown on the vendors 1099. This must be done; just selecting the box does not update previously created bills. Previously created bills will be updated if you select ‘Save’ when prompted.

• Yes, it is selected: Then verify the following:

1. The bills for this vendor do have the 1099 box checked as true (this is a box that can be unchecked by anyone)

2. Ensure the "Paid Date" of the bills is in the correct 1099 year - the 1099 amount appears in the year it was paid.

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1099 FAQs• Where do I Set 1099 Printer Settings (Print Offsets)?

1. Go to Accounts Payable > Reports

2. Select "1096/1099"

3. Select “1099 Form"

4. Locate the section titled "Printing Offsets (In Inches)"

5. The current print settings that line up with the pre-printed forms will populate based on the Form selected.

This information may vary slightly depending on your computer and printer -these settings are a starting point but will need to be tested on your own computer until you find the correct settings

6. When printing the 1099s, when the box comes up to select your printer:

a. Page Scaling, should be set to "None“ (set to Actual size)

b. Auto Rotate, should be unchecked

c. If have orientation choices – set to Auto Portrait/Landscape

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1099 FAQs

• Can a 1096 be printed from Intacct? Yes.

1. Go to Accounts Payable > Reports

2. Select "1096/1099"

3. Select “1096 Form”

4. Select the tax year

5. Click Print

• Why is there no amount or number of forms on my 1096 form? You need to check the box under format.

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1099 FAQs

• What Company address prints on the 1099s for Multi-Entities?

1. Go to Company > Subscriptions > Subscription and Configuration > Multi-Entity Console

2. Select checkbox:

• Issue a separate 1099 for each entity. If two entities pay the same vendor the payments for each appear on separate 1099 forms

• Print from entity or top level

• Have the option at the entity level (Company>Entities) to select an address to use for the 1099’s printed by Entity

3. Cleared checkbox:

• Top level company will print a single set of 1099s for all entities

• Forms print with the Company name, address, and tax ID of the top level, even if an entity made the payment

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1099 FAQs

• Company > Subscriptions > Multi-Entity Console

Company > Entities > Legal Contact

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1099 FAQs

• Where can I get Tax Forms? Perfectly aligned, the forms you’ll find in our Forms Center are the only ones we support.

To purchase forms that work with Intacct:

On the Home page, go to Resources > Checks and Supplies> Shop Tax Forms

OR, go to Intacctforms.com

• What type of Print Driver should be used? Make sure a Universal Printer Driver (UPD) is installed – this ensures consistent font and printing no matter what printer you use.

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1099 FAQs

• What if we have a third-party print and mail 1099 forms?

-Create a 1099 file and then export the data. If you want to see the amounts paid to vendors, along with their 1099 categories, run the 1099 Report to show all the 1099 data.

• What if we have 250 or more 1099s?

-If you have more than 250 1099s, it is required that you file electronically.

–There are third-party programs that will help you file electronically. These can be found in the Intacct Marketplace.

http://marketplace.intacct.com

search=1099*

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1099 Tips

• Don’t forget to change the year before printing the forms.

• If the vendor’s total 1099 amount is less than $600 (2017 government guidelines), Intacct will not generate a 1099 for that vendor.

• 1099 amounts show in the year that the bill is paid. So for example if you pay a vendor in 2017 for a bill in 2016, the payment amount will be on the 2017 Form 1099.

• Company address will be the Legal Address on the Company Info screen for a single entity.(Company>Company Info) Company address for ME-Shared will be the address information on the Entity (Company>Entity) – checkbox to include Legal Address of the entity on 1099s and 1096

• If ME-Share and setup to ‘Issue a separate 1099 for each entity’ is selected in the ME configuration, and Entity 2’s bill is paid on behalf of Entity 1, the payment to the vendor will be included on Entity 2’s 1099.

• If the vendor is owned by an entity, the 1099 report will need to be produced at the entity level.

Thank you

Technology

2018 1-24 Intacct Year End Closing Procedures