Get Ready for 1099 Season
It’s January 2nd. You’re back in the office, still full of holiday cheer and ready to take on the new year. Suddenly, a task update comes in from your MEDITECH Accounts Payable (AP) specialist; you open it and see the dreaded “1099” listed. The email outlines multiple tasks, including DTSs that need to be moved, testing in the TEST ring, electronic filing, and much more. With the deadline only a month away, not even Lindt truffles can ease your 1099 headache.
Don’t worry, we can help! MEDITECH recommends taking the following steps now to dramatically reduce 1099-related stress come winter time:
- Review your Vendor Dictionary. Pull up your 1099-able vendors and check out the “Address” tab. If you send the vendor’s 1099 to a special address, is it entered under the Alternate Remittance Address section? Now look at the “General” tab. Is an expense type defined? Is the SSN entered? Is the “Print 1099” field flagged to Y?
- Compile a preliminary run. Enter the “Process 1099” routine, then select “New” to create the shell of your run. Select the “Compile” routine, which will pull on your vendors. Review the list and take note of any issues you see.
- Edit invoices, if necessary. Do you notice that a paid invoice has the wrong expense type? Does the 1099 amount need to be changed? You can make these edits through the “Edit 1099 Amount on Invoice” routine.
- If you submit your 1099s electronically to the IRS, check to see if the delivery service has been set up. Select your 1099 compile and run the “Outbox (Create)” routine. Do you get an error message? If so, let your AP specialist know.
- Please note that 1099 forms may change. In December, once we know what the changes will be (if any), we recommend that you test alignment. To do so, select “Compile” and then “Run the Print” routine. Review the spacing and alignment of the form. If it is off, let your AP specialist know.
For more information on the 1099 process, please contact your Accounts Payable specialist.
