PSL+: Prep and Review Your 1099 Data

This article will walk you through how to prep and review your 1099 data before generating your forms.

Step A: Verify the accuracy of company information 

Ensure your company information is accurate to avoid delays and possibly fines or penalties from the IRS for incorrect or late filings. The company information below is required by the IRS, and will be displayed as the PAYERS information on 1099 forms.

1. Open Setup > Company Code and locate the correct company to autofill the other fields.
2. Verify or correct all information in the Company Entry window.
   

Step B: Verify vendor 1099 information 

The most common barriers to success with your 1099s are: a) Incorrect vendor 1099 information; and b) tagging payments with a 1099 code.

1. Open Accounts Payable > Vendor > Vendor Entry (apven) and verify the accuracy of all fields.
2. For the TIN Information section: 
   • Namewill be the name printed on the 1099 form; if it is left blank in the TIN Information section, the Name from the Vendor Information section will be printed on the 1099 form
   • Work State is a required field
   • Type is not required but recommended - options are available by clicking the field and pressing F2 
     
   • The 1099 field is not required but strongly recommended; click the 1099 field and press F2 for options
     
     

• •  Notes about the 1099 field:
    • Selecting a type in the 1099 field will auto-tag all new payments to this vendor, so they will be included in totals calculated when you generate a 1099
    • If you select a 1099 type after transactions have posted, the type won’t be retroactively applied; it will only be applied to new AP, PO, and PC transactions you create – therefore it’s highly recommended that you apply the 1099 type for each vendor before logging any transactions for them

Step C: Transaction 1099 Tagging

The 1099 amounts for each vendor will be accurate only if every payment transaction (AP, PO, PC) has a 1099 tag.

As a shortcut to tagging each payment, you can give each vendor a default 1099 tag that will auto-populate with every new payment created. See “Notes about the 1099 field” above for more information.

1. Open Accounts Payable > AP Entry (apte) or Purchase Order > PO Entry, or Petty Cash > PC Entry.
2. Create a payment and ensure State Worked is filled in; it will be prepopulated with the default from the vendor setup screen.
3. Click in the 9 column and press F2 to display options; this will not open unless you have State Worked and other required fields filled in first
   
   • If you are creating a new payment, this will be pre-populated with the default type entered into the 1099 field of the vendor setup screen; see “Notes about the 1099 field” above for more information

Step D: Review 1099 Reports

About the 1099 Summary Report

Ensure all your 1099 vendors and their transactions are properly coded, so your 1099s will calculate correctly. The 1099 Forms and Report screen (bd1099) has several options to help confirm your data is accurate.

Description of numbered indicators below:

1. Detail Report displays each individual vendor payment
2. Summary Report: View payment totals for all 1099-tagged vendors
   1. A Summary Exception report will print automatically if there are any errors with the data, such as a missing Tax ID or multiple vendors having the same Tax ID
3. Blank Tax ID shows any vendors without a Tax ID
4. Duplicate Tax ID shows any vendors having the same Tax ID as other vendors in the system
5. Include State Worked will add that information to your reports
6. Bank allows you to filter by different banks used for the 1099-tagged payments
7. Include Non-1099able Items this ensures all payments to each vendor will show on the summary, highlighting whether all payments were correctly recorded as 1099able
8. When generating T4A reports such as the Summary Report, check the T4 Only box and set Target Currency to CD/CN

How to create a 1099 Summary report

Ensure all your 1099 vendors and their transactions are properly coded, so your 1099s will calculate correctly. The 1099 Forms and Report screen (bd1099) has several options to help confirm your data is accurate.

1. Open Accounts Payable > 1099 & ICR Reports > 1099 Forms and Report
2. Click on Summary Report
3. All yellow fields are required; enter Tax Year and Company  
   • If there are multiple companies within your project, please select the appropriate company

4. Uncheck the Use Federal Filing Limit box; this will ensure all 1099able payments will show on your summary, for you to audit

5. Check the Include Non-1099able Items box; this will ensure all payments to each vendor will show on the summary, highlighting whether all payments were correctly recorded as 1099able

6. Click Preview and review on your screen or save as a .pdf file

7. When generating T4A reports such as the Summary Report, check the T4 Only box and set Target Currency to CD/CN

Step E: Edit 1099 tagging

Use the Posted Transaction Editor to correct missing or incorrect vendor 1099 tags.

1. Verify State Worked is entered – if not, field 9 will be greyed out and not editable.
2. Add the appropriate 1099 code to each distribution line within the 9 column then click the Accept icon to save changes
   • Note: if you need to split distribution lines and you don’t have that ability, request “Full access” to the Posted Transaction Editor from your approver who will send a request to PSL Support 
     
     
     Additional T4A information:
     
3. Ensure you have the T4A indicator in payments
   

   1. If a T4A payee is missing “T” in the #9 field of an AP or other payment, PSL cannot generate the T4A reports and prints.

   2. Email PSL.Support@castandcrew.com to request your tags are updated; send information to indicate what tags you used in Free Fields 1-4 to identify T4A payees in your database.

For the full PSL 1099 guide, including steps on how to print and eFile your 1099s, see PSL+: 1099-T4A User Guide Generating Forms and eFiles – Cast and Crew