PRINT 1099s/CREATE MAGNETIC MEDIA

Use this screen to print 1099s or to create a magnetic media file of 1099 information. You must run these two processes separately.

Print 1099s

The Create 1099 Information screen created 1099 information for all vendors designated as 1099 vendors. The Print 1099 program prints 1099s only for vendors who have $600 or more of rents or other, medical, or miscellaneous income or who have $10.00 or more of royalty income. When the system is finished printing 1099s, it displays a message with the final quantity and total amount of 1099s printed. This is the only time you will be able to view this information.

Although you can create 1099 information for past or future years, Costpoint prints 1099s using the current year 1099 printing format. The Print 1099s program prints 1099 information onto pre-printed, official forms for either laser or impact (i.e., dot matrix or line) printers. The program prints information into the following fields on the 1099 form:

• Payer's Name, Street Address, State/Province, and Postal Code: Your company name, street address, state/province, and postal code from the Taxable Entity table print in this field. Only the first line of the company street address you entered in the Set Up Company Info screen (in Costpoint General Ledger) prints on the form. Before you print 1099s, you should check the address listed for the company in that screen to make sure that Address Line 1 contains all necessary street address information.

• Payer's Federal Identification Number: Your company's tax ID stored in the Taxable Entity table prints in this field. The company's tax ID was originally entered in the Set Up Company Info screen of Costpoint General Ledger.

• Recipient's Identification Number: The vendor's tax ID stored in the 1099 table prints in this field. The vendor's tax ID was originally entered in the 1099s subtask of the Maintain Vendors screen.

• Recipient's Name: The 25-character vendor short name stored in the 1099 table prints in this field. The vendor short name was originally entered in the Maintain Vendors screen.

• Street Address (including apartment number): The first line of the vendor address stored in the Vendor Address table prints in this field. If there are no addresses for the vendor in the Maintain Vendors screen, this field on the form will be blank. Before printing 1099s, we recommend that you review address information for your 1099 vendors using the Maintain Vendors screen or by printing the Vendor Information Summary Report. If you change a vendor's address code, edit the Address Code in the Edit 1099 Information screen or recreate 1099 information for the vendor.

• City, State/Province, and Postal Code: The city, state/province, and postal code stored in the Vendor Address table prints in this field. These were originally entered in the Maintain Vendors screen.

• Account Number (optional): The Vendor ID from the 1099 table prints in this field. The vendor ID was originally entered in the Maintain Vendors screen.

• 1099 amounts: The amount of 1099 income from the 1099 table prints in this field. Before printing 1099s, you should have used the Edit 1099 Information screen and the 1099 Edit Report to ensure that this amount was correct. The type of 1099 income (rents, medical, other, etc.) will print in the appropriate box.

For printed (not magnetic media) 1099s, you must submit full sheets (three forms to a page) to the IRS. If your final sheet on a print run has less than three 1099s, you must place an "X" in the void box for each blank 1099.

Create Magnetic Media

If you print over 250 1099s, you are required to file 1099 information electronically with the IRS. You can create magnetic media for only one of your companies at a time. Since 1998, the 1099-MISC magnetic media file name has been user-specified. The creation process saves this file in the location from which you started Windows (usually the Windows subdirectory). Change this file name to the required IRS file name before filing 1099 information electronically.

Note: Create magnetic media files for each of your different companies on separate diskettes or copy each file to a different directory before creating the next file, because the magnetic media file for each of your companies will have the same filename.

The magnetic media file stores the same information printed on the 1099s. If a vendor does not have an address on a 1099, the address field will be blank in the magnetic media file. Your company ("payer") and the vendor ("payee") Tax Identification Number fields are the only two fields in which incorrect data will result in system error and/or warning messages, as detailed below.

• Your company's tax ID must contain nine numeric digits. Tax IDs that contain more or less than nine digits or that contain alphabetic characters cannot be saved in the file. If the company's tax ID is incorrect, the entire creation process stops and you will receive an error message instructing you to correct the company tax ID. Do so in the Set Up Company Info screen and run the Create 1099 Information process again.

• Vendor tax IDs must contain nine numeric digits. If the pay vendor's tax ID is incorrect, the system will give you an error message instructing you to correct the problem, but will not stop the creation process. However, the vendor's 1099 information will not be included in the file. Correct the vendor's tax ID in the Edit 1099 Information screen and then recreate the magnetic media file. We recommend that you also correct the tax ID in the 1099s subtask of the Maintain Vendors screen.

Print 1099s and create the magnetic media file after you have reviewed all 1099 information using the Edit 1099 Information screen and the 1099 Edit Report. Before printing or creating the file, ensure that all vendor addresses are correct by checking the address codes in the Edit 1099 Information screen against the vendor address information in the Maintain Vendors screen. (You can do this by printing the Vendor Information Summary Report.)

Hint: To ensure that your 1099 information is absolutely correct, print 1099s on blank paper before creating magnetic media. This will enable you to double check the final form of all 1099 information and correct any errors that might have slipped through before printing actual 1099s or creating the magnetic media file. You will not be able to correct any errors once you have created a magnetic media file; you must recreate the file.

Options

Print 1099s

Select this radio button to print 1099s on paper. This radio button is the default setting for your print options. You can either print 1099s or create magnetic media. If you save your parameters for this screen, this option will be identified in the Query table as "PRINT."

Create Magnetic Media

Select this radio button to create a magnetic media file of 1099 information. If you save your parameters for this screen, this option will be identified in the Query table as "CREATE."

You can create a magnetic media file for only one of your companies at a time. If you select this option, the system changes the Taxable Entity Range Option to "One" and the Pay Vendor Range Option to "All." These are the only available range options when creating magnetic media.

Select Print Option

The two print options are "Print Test 1099" and "Print 1099." If you print a test 1099, you can make sure the forms are correctly aligned in the printer and all the printer settings are correct. After the test form prints to your satisfaction, choose "Print 1099" from the drop-down box to print the 1099s. If you select the Create Magnetic Media radio button, this field is disabled.

Select Taxable Entity

Use the fields in this group box to choose your taxable entity ID. All the 1099 information for this taxable entity's vendors will be printed/created. We urge you to select only one of your taxable entities at a time to keep tax information separate for each of your taxable entities.

Range Option

Select the range option "One" from the drop-down box. If you are creating a magnetic media file, the system automatically changes the range option to "One" and prevents you from selecting another. The From field will still be available.

From

Enter, or use Lookup to select, your one taxable entity ID for 1099 print/create.

To

Do not use this field because it will result in printing more than one of your taxable entities on each print/create session. We urge you to select only one of your taxable entities at a time in order to keep tax information separate for each of your taxable entities.

Select Pay Vendor

Use this group box to select a range of pay vendors for the 1099s. Pay vendors are identified by vendor ID.

Range Option

Enter the range of pay vendors or select one from the drop-down box. Range options are "All," "One," "Range," "From Beginning," and "To End." The default option for this field is "All" if you select the Print 1099s radio button. If you are creating a magnetic media file, the system automatically changes this range option to "All" and prevents you from selecting another option.

From

Enter the beginning pay vendor ID for the range or use Lookup to retrieve a pay vendor ID. If you selected "All" or "From Beginning" as the Range Option, this field will be inactive.

To

Enter the ending pay vendor ID for the range or use Lookup to retrieve a pay vendor ID. If you selected "All," "One" or "To End," this field will be inactive.

Magnetic Media Info

If you selected the Print 1099s option in the Options group box, this group box is inactive.

File Type

This group box is enabled when you select the Create Magnetic Media radio button in the Options group box.

Test

Select this radio button to send a test 1099.

Original

Select this radio button to send an original 1099. This is the default radio button.

Replacement

Select this radio button to send a replacement 1099. If you select this radio button, you must also complete the Modifier field in the Transmitter Info group box.

Magnetic Media File Name

Enter up to 39 alphanumeric characters in this field. The name you give this field will be used to identify this batch of 1099s. The file name should be unique to prevent duplication.

Contact Name

Enter the name of the person to contact if the IRS/MCC encounters problems with your file or transmission. This field is required.

Phone Number/Ext

Enter the phone number/extension of the person to contact if the IRS/MCC encounters problems with your file or transmission. Hyphens are not necessary in this field; for example, the phone number (304) 263-8700, extension 5234 would be 30426387005234. This field is required.

Email Address

Enter the email address of the person to contact if the IRS/MCC encounters problems with your file or transmission.

Transmitter Info

TIN

Enter your company's nine-digit Tax Identification Number (TIN) in this optional field. If you leave this field blank, the TIN for the Taxable Entity selected in this screen will be used. The TIN was originally entered in the Set Up Company Info screen in Costpoint General Ledger.

Control Code

Enter the five-character, alphanumeric transmitter control code assigned to you by the IRS. This field is required if you are creating a magnetic media file.

 Modifier

This field is enabled if you select the Replacement radio button in the File Type group box. Enter the alphanumeric character that appears immediately after the TCC number on the Media Tracking Slip (Form 9267). Form 9267 accompanies media that has been returned by the IRS/MCC because of processing problems.

Note:  This field is required only for replacement files.

Name

Enter a name of up to 40 characters in this optional field. If the transmitter name and the company name are the same, this field can be left blank.

If the transmitter name is different from the company name, enter the transmitter name here.

Select Calendar Year

Calendar Year

Use the drop-down box or enter the calendar year for which you will print/create 1099s. Although you can print 1099 information for past or future years, Costpoint supports only the current year 1099 print format.

Prior Year

Select this checkbox to indicate that the year in the Calendar Year field is not the current year.

Forms

This group box will be disabled if you are creating a magnetic media file.

Note: You should set all printers to print 16.6 characters per inch and 6 lines per inch.

Impact

If you want to print 1099s using a continuous feed printer (i.e., a dot matrix or line printer), select this radio button. If you save your parameters for this screen, this selection will be saved in the Query table as "IMPACT."

Note:  For impact printing, select the Wide Carriage checkbox in the Windows Control Panel Printers application. To find this checkbox, highlight the printer you are using and select the Setup pushbutton.

Laser

Select this radio button if you are using a laser printer. If you save the parameters for this screen, this selection will be saved in the Query table as "LASER." For laser printing, set your top margin to 0.5" and your left margin to 0.25".

Note: Costpoint prints 1099s only on pre-printed official Deluxe and FORMost Graphic Communications forms. Because laser printers cannot print carbon copies, you will need to print the same 1099 information three times to produce the three copies required by the IRS. If you use forms not produced by these two companies, you may also need to use different printer settings.

Format

1099-MISC Standard 

Select this radio button to print standard1099- MISC forms. Two forms will print per page.  You can use this option with either impact or laser printers. This radio button is selected by default.

1099-MISC Self-Mailer

Select this radio button to print 1099-MISC Self-Mailers (sealed automatically by machine). You will typically use this option if you have a large number of 1099s to print. You can use this option only with laser printers.

Create 1099 Magnetic Media File

Select this option in the Process menu to create the magnetic media.

Programming Changes to the Magnetic Media File for Costpoint Version 5.0

These changes are hard-coded and cannot be altered. The Description and Remarks section has already been programmed into the magnetic media file format. The user need not take any action.

Record Name: Transmitter "T" Record