Agent & Vendor 1099’s (REALedger 2.0 or above)

Summary: Form 1099 is a tax form used to report certain kinds of income to the IRS. Use this option to report agent and vendor income paid during the year

Solution:

From the main navigation bar at the top, click on the Agents module.

From the left navigation pane, click Processing then click 1099s. 

1099 Record Creation:

From the first tab, 1099 Data, select the corresponding Tax Year from the drop down.

Click Create 1099 Records to proceed with the 1099 selection process; you will be presented with 3 options from with the drop down list; click the option that best suits your needs.

  • Create 1099 Records (all agents and vendors)
  • Select an Agent (one agent)
  • Select a Vendor (one vendor)

In the case of Select and Agent (one) or Vendor (one)

  • Select the appropriate Vendor / Agent from the list and click OK
  • If you select an Agent or Vendor that already has a generated 1099 record, you will be asked to click Yes or No to override and continue the process.

Once the 1099 record(s) have been created, click OK to exit and finalize.

NOTE: If you happen to run the Create 1099 records (all agent and vendors), a message will be displayed indicating that there are already 1099 records present for the selected Tax Year that were not entered manually; Those will be deleted and re-created.

 

1099 Reporting

Click the Reporting tab to continue the process. There are several report and export options presented in this section.  Choose the best option suited for your review and workflow.

Exclude recipients under $600 (Checked by default)

  • Uncheck this option to include all dollar amounts

From the Report dropdown list, select one of the following:

  • Pre-1099 report
    •    Displays 1099s Agent and Vendor information in summary format
  • Official 1099s
    • Prints 1099s on Pre-printed 1099 stock, 2 per page
  • Official 1099 – Corrections Only
    • Prints 1099 corrections on Pre-printed 1099 stock, 2 per page
  • Plain Paper 1099s – 1 per page
    • Print 1099s on regular paper, formatted, 1 per page.
  • Plain Paper 1099s – 2 per page
    • Print 1099s on regular paper, formatted, 2 per page.
  • Plain Paper – Corrections Only
    • Print 1099s on regular paper, formatted, 2 per page.

Once your selection has been made, click on Process Report; choose an option for print or export as needed.

 

1099 Electronic Filling / Export

In this final step, you will be generating the 1099 file to e-file.   Choose one of the following Export options from the drop down list:

  • IRS Format – All 1099s (excludes corrections)
  • IRS Format – Electronic corrections
  • IRS Format – Test file
  • CSV Format – All 1099s (excludes corrections)

After selecting an export option, select an Output File location.  You may choose your desktop or documents folder for that purpose.  Name the file appropriately such as:

Your Folder…\1099_20XX_TestCo_EIN.txt

Click Generate Export to complete the export process. Use your preferred method to upload the generated file accordingly (NOTE: REALedger does not provide file upload functionality).

Printing Layout

If adjustments are required for the 1099 Pre-printed stock paper, the coordinates for the box locations can be adjusted as needed by increasing or decreasing the XY coordinates. If you require assistance with this, please contact support @  rlsupport@constellationreg.com .

 Data Validation (Pre-1099 report)

If for some reason you feel that there may be an error with any of the reported 1099 totals, you may run the following reports to compare against the Pre-1099 report.

  • For Vendors, you may run the Purchase Journal report from the AP Module -> Reports section.
  • For Agents, you may run the Agent 1099 Earnings or Agent Income Ledger report from the  Agents Module -> Reports  section.

 

 

 

 

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