1099 (US Books) General Information

1099 (US Books) Active and Finalized

1. Active and Finalized

2. Entering Invoices into Soluno and Paying them

3. Finalizing the Report, Generating a 1099 for printing on a Form Letter (example of form letter at end of article)

In US Books:  click on Reports -> Payables -> 1099 tab  (examples of NEC and MISC at bottom of this article)

1. Active and Finalized

There are two report Views   Active and Finalized.   

Active gives a list of the payable entries that have not been put on a 1099 form. 

Accumulates all invoices for the 1099-NEC form for each Vendor offering consultation or contractor services (nonemployee compensation)

(threshold is the minimum income that must be received to generate the form - set by IRS)

gives a list of the invoices and payments made to the consultant/contractor

gives a list of the finalized 1099 forms in the system

2. Entering Invoices into Soluno and Paying them

(Example, paying a bookkeeper $644.00 every month)

Create a Vendor in the Soluno 

Contacts and Files, New Contact.  Enter the New Contact information but do not turn on "Is Vendor" indicator on the New Contact Screen.  Wait, and go to the Contact Manager Screen.  Click on the "Vendor Info" Section and indicate this Contact is a Vendor.  Make note of the 1099 indicator.

Vendor has been setup in the system, now invoices can be put towards the consultant/contractor fees.

Bookkeeper sends an Invoice to be paid (a pdf file) or communicates an amount by letter or email.  

That file (amount) is put into the Payable Data Entry Screen.

Payable Data Entry, (refer to the Payables document for more info).

Use Operating Out or Batch Pay Payable to make the payment/cut the cheque.

Operating Out (enter the amount directly and put the Reference number in the "Payable Invoice" number.  OR just click on the "Batch Pay Payables" tab and release the transaction from the list.

Once the End of the Year arrives (or the Firm has no more work for the consultant/contractor) then it is time to create the 1099 Slip.

A list of the Vendor invoices can be seen in the Vendor tab of the Reports->Payables->Vendor.  Gives this list.

Can create a Vendor report.  In the Active List Report choose the Vendor number to display.  Then click on the 1099 tab to finalized.

A "processing" message will appear, just click close.  The "finalize" section will have the final Slip/PDF.

 The PDF that is created will map onto the standard form (below) when printing.

  1099-NEC

1099-MISC