2017 instructions to process 1099s in peoplesoft word - 2017 instructions to process 1099s in...

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Instructions to process IRS forms 1099 in PeopleSoft 1/23/2018

Preparation before running your 1099’s

A. Identify vendors designated as 1099 vendors for reporting purposes. From the Query Viewer menu, run the query LC_1099_VENDORS.

Enter council business unit and view results. This query identifies vendors configured as 1099 vendors as indicated by the “Y” in the Withholding column.

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Review the output of the query to validate whether the vendors are applicable to 1099 reporting.

B. Identify vouchers designated as 1099 applicable. Run the query LC_1099_ WITHHOLD_INFOM_DATE. Review the voucher information, if the information is accurate; proceed to generating the IRS 1099 reports.

If there are vendors or vouchers missing or incorrect data in the output of the query, run the query LC_1099_VENDORS_VOUCHERS.

This query identifies vendors with 1099 applicable vouchers. Review the Vouchers with 1099 Flag filed, vouchers marked “Y” are set up for 1099 processing. Vouchers marked “N” are not set up for 1099 processing. If vouchers flagged “N” should be “Y,” you will need to make adjustments (see that section next) if everything is correct proceed to generating the IRS 1099 reports and the electronic filing txt file.

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C. Update Vendor Withholding a. If you have vouchers Flagged as “N” on the LC_1099_Vendors_Vouchers

query and need to be changed as 1099. Navigate to Vendors>1099/Global Withholding>Maintain>Update Vendor Withholding

Vendors SetID: Enter the Business Unit Start Date: 01/01/20XX End Date: 12/31/20XX Click on the Vendor Tab, enter the selected Vendor ID, Location and Business Unit, if applicable.

Click on the New Withhold Details Tab:

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Vendor ID: Enter the Vendor ID number(s) selected from the query LC_1099_VENDORS_VOUCHERS. Location: Select the location. New Withhold: Select “Y.” Entity: Select IRS. New Type: Select 1099. New Jur CD: Select FED. New Class: Select 07 – Non Employee Compensation. Click Save.

D. Updating or Changing the Vouchers If you fine vouchers that are incorrectly flagged, you will need to update them using the “Update Voucherline withholding” You will need to enter the council number (1), set the dates for the business year (2 & 3) and match those dates for the “Tax Reporting Year” (4 & 5) Then click “Search (6)

To make changes, click on the correct voucher line under the “New Withhold” column. You can add the 1099 flag to a voucher or remove it. Make sure to add the Entity (IRS), Type (1099) Jurisdiction (FED) and Class (07). Click “Save”.

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When you click save you will get a message (See Below) asking you to verify you have entered the full tax year. Click OK on the message.

After you have saved the work, click on the “New Withhold Details” tab in the Details” section and you can view your changes

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E. Fixing Voucher Value Problems a. Before you begin adjusting the withholding you will need to know what the correct

“value” needs to be for the vouchers. This process is also used when voucher amounts

get doubled.

Go to the “Withholding Adjustment” process and enter the vendor you want to adjust vouchers for

It’s very important you enter the needed information in the order as listed

Business Unit (council) 2‐ Entity (IRS) 3 – Type (1099) 4‐ Jurisdiction (FED) 5‐ Class (07) 6 – Starting Date (01/01/2016) 7 ‐ Ending Date (12/31/2016) 8 Search 9 Save After you save, click on the “Transaction info” tab

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From the Transaction Info Tab you adjust the value of “Basic Amt” back to the correct value.

F. Update 1099 Withholding information. a. If you have made any adjustments you will need to run the Update 1099 Withholding b. Navigate to Vendors>1099/Global Withholding>Maintain>Update Withholdings.

Request ID: Enter a value (e.g.1). Description: Enter a description (e.g. Update 1099 Withholding Info). Process Frequency: Select Always Process. Process Options: Select Process Only Vendor Updates. Click Save then Click Run.

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Generating the IRS 1099 Reports

Once the vendors and vouchers are reviewed and flagged accordingly you can begin the 1099 report process.

1. Post Withholdings To begin the 1099 report process you need to populate the reporting table and that is done running the Withhold Transaction Post

2. Withholding Control Report

After you have posted the transactions, you need to run the withholding Control Report.

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Review the report from the Report Manager and verify all the data is correct

3. Run the 1099 Misc. forms and the “Test” Electronic File for the IRS. Navigate to Vendors>1099/Global Withholding>1099 Reports>Withhold 1099 Report Job You will run the “1099 Job” process and then come back and run the “1099-MISC Copy B” process. You do this for a “test” and then again for “original”. It works best to populate the fields on this page in the order listed below and to use the “magnified glass icon to select. Please note the “Period” is always “1” for this process

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1. Request ID: Enter a request ID, example – 1099. 2. Description: Enter a description, example – 1099 processing. 3. Process Frequency: Select Always Process. 4. Include Manual Overrides: Check the block. 5. Control SetID: Enter Business Unit. 6. Control ID: Select 1, Boy Scouts of America 7. Calendar SetID: Select SHARE. 8. Calendar ID: Select Fiscal Year Calendar, example 02, 2012 1099 Calendar 9. Fiscal Year: Enter fiscal year, example – 2012 10. Use Report Date for Vendor: Check the block. 11. Period: Select 1, Period 1 12. Type of File/Return: Select Test until 1099 information is validated and final 1099s

are ready to be produced. Select Original/Correction for final 1099 process.

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13. Withhold Type: Select All. 14. Vendor Select Options: Default is blank or you can select all vendors or specify

vendors. 15. AP 1099 sort order: Default is blank or you can select Name Sort, TIN Sort or

Vendor ID sort. 16. Click Save. 17. Click Run.

The following screen will appear: Only run the “1099 Job” first

Check the box next to 1099 Job then click OK.

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After submission of the job, check the process monitor for the status.

Once the Run Status shows “Success” and the Distribution Status Shows “Posted,” navigate to Report Manager

Click on the “Details” tab next to the “1099 Report” process.

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When you open the details page you click on the “IRS_001_1_XXXXXXX.TXT” file

The Text file is a test for the e0file you will send to the IRS

Next you need to run the process again and select the 1099-MISC Copy B process

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In the Report Manager select the “1099-MISC Copy B” and review all for correctness

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4. Running the 1099 Process for “Originals” and preparing to file When the “1099-MISC Copy B is correct you can run the originals and create the E-File for the IRS You will ruin the same process you did for the test, you will need to change the “Type of File/Return” to “Original/Correction”. Then Save the screen

You will run the process only for the “1099 Job” first, then after success, you can run the process for “1099-MISC Copy B”

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To Extract the E-File, you will need to click on the “Details” link for the 1099 Report (see below)

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Move your mouse pointer over the IRS_001_1_XXXXXX.TXT link and press the right mouse button. A menu similar to the example above will appear, click the Save target as link to save the file to a file folder.

Save the file to a folder location that will be used when uploading the file to the IRS website.

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The 1099-MISC Copy B forms are also found on the Report Manager page

This PDF is used to create the copies distributed in the mail to your vendors. You will want to keep a copy in your records too.

E-Filing with the IRS

The Deadline to file with the IRS is January 31sr each year

The website is: https://fire.irs.gov

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After you have filed and before you finish you need to run the Withhold Sent Process. This prepares your return information for the need to make corrections and refile, if needed.

Withhold Sent Process

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This process finalizes the 1099 reporting and file creation process. It records all the data in the file you

have sent. Do not run this process until you send your file to the IRS. You can only run it once for each

time you run the withholding report. The system uses this information when creating correction or

replacement files.

2017 instructions to process 1099s in peoplesoft word - 2017 instructions to process 1099s in...

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