Weekly Dynamic: 1099's

It will soon be 1099 time! This is a brief 1099 overview. I've also got 2 Dynamic Sherpa videos on preparing for and running 1099's. For our international folks who don't have to deal with 1099's like we do here in the US, this is your chance to take a deep breath, stretch and have a cup of coffee. You have my permission.
For the rest of us, the first step is to make sure your vendors have the correct 1099 amounts. Smartlists are very helpful for this. If vendors need correction you can fix their 1099 amounts in Cards-Purchasing-Summary, Period (NOT YEAR). You can fix individual periods or just adjust the final period.
When you are ready to run your 1099's here a couple of caveats:
1) You can't have more than one box filled in per 1099. So if someone has rent and misc employment, they get 2 1099's and if they only have one vendor record, you'll have to fix the amount, print a 1099 then change the amount and print again.
2) Interest and Dividends are separate 1099's
3) Remember that 1099's are calendar year and based on payments, not expenses or invoices.
4) GP doesn't print a 1096 transmittal form. Why not? It's just one of the mysteries of life.
You run 1099's from Tools-Routines-Purchasing-Print 1099's
Most of the info is pretty straightforward, Company Name, Address, Tax ID and Year. 1099 Type should also be easy. Next pick the Form type. If you use laser printed forms, the type should be singe sheet.
After that, pick the vendors to print the forms for. We use class id to segregate our vendors and make it easy to pick the different types. We have a 1099MISC class, a 1099RENT class, etc.
At the bottom you can set GP to print an alignment form for testing, set the printing order (I like Vendor Name) and pick the box that going to get filled in (Rent, Non-employee comp, etc.).  Finally, enter the minimum required amount to generate a 1099. I believe this is still $600 in the US for non-employee compensation but some companies send 1099's for any amount and I believe some types of transactions don't have a minimum limit (Real Estate?).
When done, click print. My 1099 forms come with each copy separate so I can run a set for each copy and then have someone put them together for mailing.
Finally, make sure you check CustomerSource for last minute updates prior to printing. The IRS occasionally makes last minute changes to the forms. Also, don't forget that you can use ReportWriter to make adjustments if the text doesn't quite line up in the blocks.