1099 Process Questions (Doc ID 2229221.1)

Last updated on DECEMBER 02, 2022

Applies to:

Goal

We have the following questions about the 1099 process.
Can you please assist with the questions below?

1. Verify which exception reports should be run/investigated

2. Verify purpose of various 1099 reports (i.e., 1099 Forms Report)

3. Verify process to switch reporting method to be based on Invoice rather than Payment if needed (vice versa)

4. Verify that report determines which suppliers to include based on selections made during Supplier set-up

5. Verify steps to for running Electronic Media Report for electronic filing with IRS

6. Verify report will only be based on cleared payments if set to run based on Payment

7. How can amounts being reported on 1099 reports be changed if necessary? Can certain account codes be excluded from the reported amount (ie., if we had a reimbursable expense account code)? We see "Allow Adjustments to Paid Invoices" can be set to yes, but we are not clear of the complete impact of that setting.

8. Can final 1099 data be finalized/archived in Fusion for historical record?

9. How can some expense amounts be reversed if they should not be MISC7 reported?
 

Solution

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