Close Form 1099 Year

Accounts Payable - Close Form 1099 Year

Function

Use this task to keep the calendar year buckets current and specific to only one calendar year. Not running the task causes amounts to accumulate causing data accuracy issues in the 1099s and in Vendor Detail History. This task increments the 1099 year in the AP Maintenance Parameter and rolls the summary buckets forward.

Details

The "Calendar Year" buckets – prior, current, and next – store calendar year data for 1099s. Amounts are accumulated in the register updates for AP checks and manual checks for all vendors regardless of how the 1099 flag is set. Because the buckets relate to 1099s, the 1099 year determines which bucket to update with check amount data. The values are output to Vendor Maintenance (Vendor Codes and History), Vendor Detail Listing, and 1099 Export. Unlike other vendor amounts, they are accumulated and managed by calendar year not by fiscal year.

To roll the buckets, run the 1099s and then the Close Form 1099 Year task. The logic is to keep accumulating into 'next' year until 'current' 1099 year is closed. So, the 1099 year has to be closed in order to 1) roll the buckets and 2) accumulate check amounts into the 'current' calendar year.

=> To access the Aging Analysis Report...

Select Close Form 1099 Year from the Period End Processing menu.

Do you want to continue?

Click [Yes] when you have printed the 1099 forms and are ready to proceed.
Click [No] if you do not want to continue closing the year.

When the update process completes, this message displays:

Update process completed

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