{"id":434,"date":"2012-01-24T10:01:22","date_gmt":"2012-01-24T16:01:22","guid":{"rendered":"http:\/\/www.iqaccountingsolutions.com\/blog\/?p=434"},"modified":"2012-09-24T14:19:53","modified_gmt":"2012-09-24T19:19:53","slug":"1099s-how-to-get-the-right-amount-on-the-right-form","status":"publish","type":"post","link":"https:\/\/www.iqaccountingsolutions.com\/blog\/1099s-how-to-get-the-right-amount-on-the-right-form\/","title":{"rendered":"1099s &#8211; HOW TO GET THE RIGHT AMOUNT ON THE RIGHT FORM"},"content":{"rendered":"<p>1099s can be tricky.\u00a0 You have to get the right kinds of payments in the right box and on the right form.\u00a0 And don&#8217;t forget that, in most cases, you don&#8217;t need to send 1099s to businesses that are incorporated (at least for now).\u00a0 So how do you make all of that happen in Peachtree?<\/p>\n<p>Let&#8217;s start with telling Peachtree who should get a 1099 and who should not.\u00a0 Go to the <em>Maintain <\/em>menu and choose <em>Vendors<\/em>.\u00a0 Enter a vendor ID.\u00a0 On the <em>General <\/em>tab you&#8217;ll find a field for <em>1099 Type<\/em>.\u00a0 Click on the down arrow and you can choose between <em>None<\/em>, <em>Interest<\/em>, and <em>Independent Contractor<\/em>.\u00a0 The first two choices are quite obvious: choose <em>None<\/em> if this vendor doesn&#8217;t get a 1099, or\u00a0<em>Interest<\/em> if they should get a 1099-INT.\u00a0 Choose <em>Independent Contractor<\/em> for anyone that should receive a 1099-MISC, whether you consider them an independent contractor or not.\u00a0 Don&#8217;t worry about who may or may not reach the minimum dollar amount for a 1099.\u00a0 Peachtree will automatically exclude those who don&#8217;t reach the threshhold.\u00a0 If you have a vendor that should receive both a 1099-MISC and 1099-INT, you will have to set it to one, print those 1099s, and then switch the vendor&#8217;s setting to the other before printing again.<\/p>\n<p>The next step is to let Peachtree know which payments go on a 1099-MISC (and in which box) and which ones go on a 1099-INT.\u00a0 Go to the <em>Maintain<\/em> menu, choose <em>Default Information<\/em>, and then <em>Vendors<\/em>.\u00a0 The <em>1099 Settings<\/em> tab displays your entire chart of accounts.\u00a0 Next to each account you can choose where on a 1099 you want payments to that account to show up.\u00a0 Choices are:<\/p>\n<ul>\n<li>INT Box 1 or MISC Box 7 (this is the default setting)<\/li>\n<li>1099-INT, Box 1<\/li>\n<li>1099-MISC, Box 1<\/li>\n<li>1099-MISC, Box 2<\/li>\n<li>1099-MISC, Box 3<\/li>\n<li>1099-MISC, Box 5<\/li>\n<li>1099-MISC, Box 6<\/li>\n<li>1099-MISC, Box 7<\/li>\n<li>1099-MISC, Box 8<\/li>\n<li>1099-MISC, Box 9<\/li>\n<li>1099-MISC, Box 10<\/li>\n<li>1099-MISC, Box 13<\/li>\n<li>1099-MISC, Box 14<\/li>\n<li>None<\/li>\n<\/ul>\n<p>By making these settings available for each GL account, Peachtree gives you the ability to control exactly how vendor payments appear on 1099s.\u00a0 Also remember that the amounts on 1099s will be determined by these settings at the time 1099s are printed, regardless of how they were set during the year.<\/p>\n<p>Once you have everything set the way you want, it&#8217;s a good idea to review the <a href=\"http:\/\/iqaccountingsolutions.us2.list-manage.com\/track\/click?u=0b92990bba1267be26b8ca6db&amp;id=6b092ccce6&amp;e=b0476d6293\"><strong>1099 Vendor Report<\/strong><\/a>.\u00a0 When you are satisfied that the amounts are right, you can print your 1099s by going to the <em>Reports &amp; Forms<\/em> menu, choose <em>Forms<\/em> &gt; <em>Tax Forms<\/em>.\u00a0 Then select the type of 1099 you want to print and click the <em>Prevew And Print<\/em> button.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peachtree can print both 1099-MISC and 1099-INT forms.  And on the 1099-MISC, amounts can go in up to 11 different boxes.  This tip will show you the 2 settings in Peachtree that make it easy to get your 1099s to print correctly.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/434"}],"collection":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/comments?post=434"}],"version-history":[{"count":6,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/434\/revisions"}],"predecessor-version":[{"id":624,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/434\/revisions\/624"}],"wp:attachment":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/media?parent=434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/categories?post=434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/tags?post=434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}