Costpoint Online Help

Using the Help Search
Using the Help Search
  • Phrase:Returns all topics that contain the exact phrase in the search criteria. Use quotation marks around the phrase.
    Ex."system administration"
  • And:Returns all topics that contain all the words in the search criteria, in any combination. Insert a plus sign between all words in the search criteria.
    Ex.system + administration
  • Or:Returns all topics with any combination of words in the search criteria. This is the default.
    Ex.system administration
For more information:Searching Online Help

1099 Income Calculation

Costpoint calculates 1099 income when you run the Create 1099 Information screen. This section discusses the steps involved when calculating 1099 income.

Steps

  1. Checks issued for vendors that have their Print 1099 Form checkbox selected on the Manage Vendors screen are retrieved. Only checks that have an amount greater than 0, and those that have the same date as the Calendar Year entered on the Create 1099 Information screen are included in the calculation.

  2. The Organization ID assigned to the Cash Account Description of the pay vendor is matched to the Taxable Entity entered on the Create 1099 Information screen.

  3. The vouchers, both header and detail information, to which checks were issued are retrieved. This includes vouchers that have been paid, and those which have voided checks issued against them. The total invoice amounts are also retrieved for prorating partial payments.

  4. The initial Total 1099 Amount is calculated as the sum of all Total Before Discount amounts, minus the total of all Sales/VAT Tax Amounts. Only voucher lines that have their Vendor 1099s checkbox selected are included in the calculation.

    A separate Total 1099 Amount is calculated for each type of 1099.

  5. The Percent Paid is calculated as the initial Total 1099 Amount divided by the sum of all Invoice Amounts. This step includes partial payments and discounts taken against vouchers in the calculation.

    A separate Percent Paid is calculated for each type of 1099.

  6. The initial Total Taxable Amount is calculated as the Total 1099 Amount multiplied by the Percent Paid.

    A separate Total Taxable Amount is calculated for each type of 1099.

  7. The sum of all void check amounts that were first included in the initial Total Taxable Amount are deducted.

    Separate calculations are done for each type of 1099.

  8. The initial Total 1099 Amounts for each 1099 type in step 4 are combined to attain the final Total 1099 Amount.

    This is the value that displays on the Edit 1099 Information screen.

  9. The initial Total Taxable Amounts for each 1099 type in step 7 are combined to attain the final Total Taxable Amount.

  10. The final values in steps 8 and 9 are the values that display on the Edit 1099 Information screen.