Use the fields and options to specify settings for 1099 Initialization.
| Field | Description |
|---|
| Most recent 1099 initialization run
|
This field displays the date and time of the most recent 1099 initialization.
|
| Total paid to
vendors this year (this will become the new 1099 amount)
|
This field displays the total amount in the
Paid This Year field on the Vendor tab of the Firms hub, for all
vendors in your database.
|
| Total in the 1099 amounts fields now
|
This field displays the total amount in the
Paid Last Year field on the Vendor tab of the Firms hub, for all
vendors in your database.
|
| Initialize
|
When you click this button,
DPS makes the following changes on the Vendor tab of the Firms hub for each
vendor:
- Moves the
Paid This Year amount to the
Paid Last Year field. The
Paid Last Year amounts serve as the basis for Form 1099 processing.
- Sets the
Paid This Year amount to zero.
|
