Closing the 1099 Year

Closing your fiscal year in Accounts Payable does not also close the 1099 year. While you can set and change your fiscal year according to the needs of your business, the 1099 year is a fixed calendar year. Therefore, your fiscal year may not be the same as the calendar year. You will need to close the 1099 year independently of closing your fiscal year.

Previously, you closed the 1099 year by printing your 1099s, thereby moving the 1099 amounts from the current year to the prior year, and resetting the amounts to zero. You had to print all of your 1099s for the prior year at the start of the new calendar year. Now you can print your 1099s for the prior year at any time during the new year.

First, you’ll need to close the 1099 year at the start of the new calendar year.

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Select AP – Transaction > Close 1099 Year

You will see the following prompt:

1099 Confirmation

Click

  • Yes to close the 1099 year.
  • No to return to the main menu.

 

☞  Before you proceed, be sure that you have not made any entries or payments to your 1099 vendors for the new year. This moves the 1099 amounts from the current year to the prior year and resets all of the amounts to zero.

If you entered 1099 warning dates for the current year (see the Change Accounts Payable System Information dialog box AP – File > Change Setup Information), when you close the 1099 year, you see a message similar to the following:

1099 Success

Click OK to close the dialog box.