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.