Form 1099 Verification Report

The verification report lists discrepancies in 1099 data, to help you produce 1099s with accurate amounts.

You usually generate this report after you generate a 1099 work file and before you print 1099 forms for vendors. To generate this report, you click the Verify Payments button on the Form 1099 Processing form toolbar in Accounting > Form 1099 Processing.

If there is a difference between the total payments processed amount and the paid last year amount for a vendor, you need to determine which amount is correct before you print the 1099 forms. Use the Vendor Ledger report (Reporting > Vendor) to review and confirm the posted payments for a vendor.

Possible reasons for a difference between the two amounts include the following:

• The 1099s were initialized late or early, which could affect the Paid Last Year amount on the Vendor tab of the Firms hub.
• The 1099s were not initialized correctly last year.
• The Paid Last Year field on the Vendor tab of the Firms hub was manually modified.
• History was loaded this year for a vendor, and the Firms hub was not updated accordingly.

Contents

Field	Description
Vendor Number	This column lists the vendor numbers for the vendors whose data matches all of the criteria for sending a 1099 form, but for whom the vendor 1099 amounts have the following discrepancies: There is a difference between the posted amount paid to a vendor and the amount in the Paid Last Year field on the Vendor tab of the Firms hub. The amount in the Paid Last Year field prints on the 1099 forms. A minimum of one payment was processed for the vendor during the calendar year that you specified, whether or not the vendor's Paid Last Year data is zero.
Name	This column lists the name of each vendor.
Total Payments Processed	This column lists the posted payments for each vendor on the report. This amount excludes any amount paid to vendors by credit card in AP Disbursement Transaction Entry. This follows the federal requirement that a company is not responsible for reporting amounts paid by credit card.
Paid Last Year (Vendor Table)	This column lists the 1099 amount paid to the vendor in the preceding year, which comes from the Paid Last Year field on the Vendor tab of the Firms hub. This amount excludes any amount paid to vendors by credit card in AP Disbursement Transaction Entry. This follows the federal requirement that a company is not responsible for reporting amounts paid by credit card.
Difference	If there is a difference between the Total Payments Processed amount (posted payments) and the Paid Last Year amount, that difference displays in this column. Print the Voucher Ledger report for the vendors with discrepancies.