Period-end tasks

Working with 1099 vendors and forms

You can use AccountEdge to print 1099 forms for your vendors at tax time. You can also print Form 1096 for transmitting your 1099s to the IRS. Although Forms 1099 and 1096 are not payroll forms, you'll have to set up payroll in AccountEdge in order to print them.

MYOB tracks information for 1099 forms using the Current Payroll Year for your company file. To learn the current payroll year of your AccountEdge company file and other general payroll information, choose General Payroll Information from the Setup menu.

In addition to W-2 and W-3 forms, you must print 1099 forms and Form 1096 before you close the payroll year and begin the new one. You should make a point of backing up your AccountEdge company file after printing these statements and before closing the year. Once the year is closed, detailed payroll information is no longer available and 1099 forms and other reports can't be printed for that year. If you've made a backup, however, you can restore that backup and print the necessary documents.

It's wise to keep multiple backup copies of your company file at different locations. Backups can fail as easily as computers, and if a backup file is damaged, you're in just as much trouble as you would be without any backup at all.

You can enter or change amounts that print on Forms W-2 and 1099 by manually adjusting the amounts that were calculated by AccountEdge. If, for example, you wish to print a Form 1099 for a vendor whom you haven't designated as a 1099 vendor, you can enter the amounts you wish to print on the Form 1099 for the vendor. Your changes won't affect transactions or reports in AccountEdge; they will only print on the 1099s. You can also revert to the amounts calculated by AccountEdge.

For more information

If you have questions about preparing or filing Forms 1099 and 1096, consult your accountant or tax advisor. You can find detailed information about completing all federal tax forms, including Forms 1099 and 1096, at the Internal Revenue Service website.

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