Carlson Thought Leadership in Finance & Technology

It's Tax Season: Four Easy Steps to Reviewing and Printing Your 1099 Form Using Sage Intacct

February 12, 2019 / by Lauren Strohmeier

1099 ImageAs the year begins, so does tax season. It’s important the 1099 form be a priority for your organization’s finance team. Learn the process now, and you’ll be prepared to complete it every year. The form reports on any payments made during a trade or transaction with a person or business outside of your organization.

When should you submit a 1099 form? Typically, it’s required when you pay someone 600 dollars or more in a year for business reasons. If you have yet to complete the process, you can request an extension if necessary. To request an extension, fill out this form.

Sage Intacct, the cloud financial ERP solution, helps you get your 1099 form done easily and quickly. With its best-in-class tax management capabilities, you can import payments from other financial systems, verify information accuracy, fill in any gaps, print the forms, and create an electronic file.

Here are four easy steps to completing your 1099 form using Sage Intacct:

Purchase the form:

You can purchase the form from Sage Intacct at Checks and Forms Guaranteed Compatible with Your Intacct Application. Go to Tax Forms and Envelopes, then select which tax forms you’d like to view or purchase.

Step 1: Upload Payments from Prior Financial Technology Systems

Have you processed payments using another financial technology system? You must upload the year’s 1099 balances from the beginning, either manually or through an import. You can get this process started by clicking Manual Adjustment, then Accounts Payable and Vendors.

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You can then edit the vendor you would like to adjust in your 1099 form.

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Then, navigate to the Additional Information tab and click on the Form 1099 link.

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Choose the entity (if applicable) and year. Then, enter accurate values in their respective fields.

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To complete the import, you must fill out the import template. To download it, click Company, then Setup and Import Data.

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Next, download the template for Vendor 1099 Opening Balances.

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You can then populate the template with the appropriate information.

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Save the template as a CSV file and then upload it into Sage Intacct.

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Step 2: Verify That All 1099 Vendors Have a Tax ID and Physical Address on File

For the smooth processing of your 1099 form, ensure it specifies the tax ID and physical address. You can do so by reviewing the form with a custom view.

Go to Accounts Payable, then navigate to Vendors.

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Click Manage Views, then Create New View.

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You can then select the appropriate fields you’d like to review.

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Then, save and select your newly-created view.

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Adjust the filters to show values when the Tax ID is blank (field equals null) and Form 1099 is not blank (field does not equal null).

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Repeat this process for all fields related to the address.

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Are there empty fields? We recommend contacting the vendor for updated address information.

Step 3: Run the 1099 Report

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You have the balances and completed information for all vendors in Sage Intacct. You’re now ready to run the 1099 report. Do you work for a multi-entity organization? You must run the form at the entity level.

To run the report, go to Accounts Payable, click on All, navigate to 1096/1099, then select 1099 reports.

In this report, it’s important that you review the information.

  • First, verify that the amounts are correct. You can do so by examining the GL Account to ensure the type of expense is 1099 applicable.
  • Second, fact-check the 1099 Category (Type and Box). If you notice any errors, you can resolve it by following Step 1 above. Simply enter a negative amount in the incorrect box and a positive amount in the correct box.

Step 4: Print Your 1099 Form

You can print your 1099 form in a few quick steps. We also recommend you keep copies for your records. You can purchase the form from the following link: Sage Intacct Tax Forms & Envelopes.

If you work at a multi-entity organization, make sure you print the form at the entity level.

  • Navigate to Accounts Payable, go to 1096/1099, then select 1099 form. You can then print the 1099 form.
  • Navigate to Accounts Payable, go to 1096/1099, then select 1096 form. You can then print the 1096 form.

Want to create an electronic file for your form to send it to any relevant parties? You can download the 1099 file and send it to them electronically:

Navigate to Accounts Payable, go to 1096/1099, then select 1099, create file.

And, there you have it: four steps to reviewing and printing your 1099 form. With Sage Intacct’s premier tax management capabilities, completing your 1099 form is easier than ever. You now have peace of mind during tax season. Sage Intacct is built for the busy finance professional, giving you the capabilities to manage the process like a pro.

Want to learn more about how Sage Intacct helps you navigate tax season with ease? Our consultants are here to answer any questions you may have.


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