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Hi folks,
How would you set up a payment method for Wire Transfers to make vendor payments? These wire transfers are done separately on the bank portal, I'd just like to record the payment in D365 so my vendor receives 1099.
I have the current setup but it is wrong, as wire payments shouldn't require an "Export Format"
I appreciate all answers!
Kenan,
To add an invoice so that it is reportable on a 1099 does not require making a dummy invoice and paying it. You can add a manual transaction in the Vendor Settlemens for 1099s > Manual 1099 transactions.
This is used quite often when companies go live to bring in the legacy 1099 values.
Hi Junaid- Thanks a lot for your help. This fixes my issue.
Hi Kenan_AM,
Did it help you fixing your problem or do you need any additional information/Help from community?
Hi Kenan_AM ,
In that case, please read my last response. You just need to create simple Wire method of payment setup without activating file format. (You can refer to the screenshot i placed above)
Create vendor payment journal and settle against invoice. Please make to select wire payment method in the journal.
Hi Ludwig,
Thanks for your response.
I am not looking to get any files generated in D365FO, I would just like to record this in the system and assign it to a dummy invoice so my vendor would get 1099 reporting properly.
Please let me know if any more details are needed to answer my question!
Thank you,
Kenan
Hello Kenan AM,
Do you want D365FO create an electronic file that you can upload on your bank portal?
If this is the case then you need to setup a file format in your method of payment.
Depending on what your bank requires you can either select an existing format from the export format dropdown or make use of an electronic reporting file format.
Do you have more information on what your bank requires?
Best regards,
Ludwig
Hi Kenan_AM
If you process wire transaction directly on bank portal then Just create simple Wire method of payment without activating file format as follows:
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