Associate 1099 default value to Main account
Important
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Enabled for | Public preview | General availability |
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Users by admins, makers, or analysts | - | Nov 6, 2020 |
Business value
Some vendors receive payments that must be reported on 1099 statements, in addition to receiving payments that don't have the same requirement. Also, some invoice lines might be reported in different 1099 boxes than are specified by default for the vendor. Associating a 1099 box number with a main account can help ensure that 1099 reporting remains consistent, and in compliance with reporting requirements.
Feature details
To set up main accounts for 1099 reporting, go to Accounts payable > Periodic tasks > Tax 1099 > 1099 field.