Business Central 1099 Forms Setup

• To set up a 1099 vendor: Open the vendors’ list and select the vendor that you will be setting up as a 1099 vendor.

• Within the Payments Fast Tab, select the IRS 1099 Code for the vendor and enter their Federal ID number.

• Click on the back arrow in the top left of the vendor card to save the changes.

Transaction Processing for Business Central 1099 Forms Setup

• You can add the IRS Code automatically to the transaction under the Shipping and Payment Fast Tab. For this transaction, the code can be overridden to a different 1099 code or removed all together.

• Within the lines section, the IRS 1099 Liable Field will automatically populate, if an IRS 1099 Code is assigned to a document. If the line item is not 1099 liable, you can unmark this field.

1099 Corrections 

Corrections to vendor 1099 amounts can be done within the Vendor Ledger Entries Window. In this window, you can review the list of invoices and assign the IRS 1099 Code and amount for the total 1099 amounts to be reflected appropriately.

Once you are done correcting the transactions, you can run the “Vendor 1099 Information” report to verify the totals.

Conclusion

Business Central 1099 Forms Setup is extremely easy. 1099 forms is a great feature offered by Microsoft Dynamics 365 Finance as once you setup the a vendor as 1099 vendor, the amounts start to track in the software throughout the year. You can follow the steps given above to setup your forms quickly.

Reference:

https://docs.microsoft.com/en-us/dynamics365/business-central/localfunctionality/unitedstates/set-up-use-irs1099-form