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Suggested answer

1099 NEC Reporting

Posted on by 1,114

Our 1099 NEC reports are not reporting correct values.  

1099 boxes have been updated.

Vendor set up as NEC-01.  

All vendor ledger entries showing with the NEC-01 record.

If we take their payment entries out to excel they total correctly.

But the report is showing a much higher amount for each vendor and we cannot figure out where this value is coming from.

Have used print and print preview options on report - same values.

Other 1099 reports (MISC) running fine.

Ideas?

  • Suggested answer
    Dallefeld Profile Picture
    Dallefeld 11,425 User Group Leader on at
    RE: 1099 NEC Reporting

    To be clear....BC uses the vendor ledger entries with document type of payment but it checks the 'applies-to' entries (invoices and credit memos) for those payments, looking at the 1099 code and 1099 amounts to determine the value to report on the 1099.

    I think you should review the invoice and credit memo entries.

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