1099 Initialization
Form 1099 is a tax form used to record your payments to vendors over the course of the year. DPS stores 1099 payments by vendor for both the current 1099 year and the prior 1099 year.
Before you begin to process vendor payments for a new 1099 year, you must perform a 1099 initialization.
When you initialize 1099 data,
DPS does the following:
- Clears out data from the previous year so that you can start accumulating data for the new year.
- Stores the previous year’s activity for 1099 processing.
You should perform this type of initialization whether or not you intend to produce 1099 forms.
Use .