Contents of the 1099 Initialization Dialog Box

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, Vantagepoint 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.