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July 31, 2023
Has your organization gone live with D365 F&O during the current year? Unless you went live as of 1/1, chances are that you paid vendors out of your legacy ERP system. There is a high probability that paid vendor transactions may not have been migrated into D365 during go-live, leaving critical 1099 data behind. While 1099 processing is still a few months away, its never too early to see if there are transactions you will need to load into D365 to ensure your vendor 1099 information is complete and ready to go in January.
1099 Manual Entries
1099 Manual Entries
Once you determine the amounts paid to vendors in your legacy ERP during the current tax year, be sure to confirm they have not been already added into D365 during data migration.
To enter manual entries to update vendor 1099 balance amounts, navigate to:
Accounts payable > Periodic > Tax 1099 > Vendor settlements for 1099s
Within the form, select Manual 1099 transactions. Within the manual 1099 transactions form, you can insert records related to vendor transactions paid before you went live with D365. The following information can be added to the form:
Vendor Account
Date
1099 Box
Settled Federal 1099
State
Settled State 1099
There are options via Excel Add-in and Data Management to upload transactions for manual 1099 transactions.
What if the 1099 Form Changes?
What if the 1099 Form Changes?
It is no secret that the 1099 forms change periodically, or even every year. Don't worry - Microsoft has you covered. Regulatory compliance updates to the 1099 format will be published, usually as quality updates, that can be applied to your D365 environment without needing to commit to a whole service update.
In the past few years, we have seen these updates available in December. Once the IRS makes and announces the changes to 1099 forms, keep an eye out to see if report changes need to be added to your D365 environment. Your partner or System Admin can always check LCS to see if anything has been made available. Below is a screen shot from LCS for what the changes looked like for 1099 changes last year.
I will be keeping an eye out for any mentions of 1099 form changes and related quality updates and will keep you all informed if and when I see those changes!
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