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Howdy,
The 1099/payables close issue used to be a real problem. Fortunately, the 1099s became date sensitive several years ago (as Victoria told us :)). The bonus this year is that everyone now owns the PSTL suite.
One of the tools in that suite updates your 1099 amounts for those vendors whom you didn't find out were 1099 vendors until the middle of the year. The tool will go back through all of the transactions and mark them as 1099 transactions. Boy, was this tool ever a breath of fresh air!
Kind regards,
Leslie
Thanks, I looked at the 1099 summary screen and it appeared to have the correct figures for 2014 and 2013. That is great! I like that it can keep track of those balances per year. Thanks All.
This is a very common question. There is nothing in the payables module close that is needed for the 1099s to work. The 1099s will be correct regardless of whether or not you perform the payables module close, and regardless of whether you have posted transactions in the next year. We have not closed the payables module since 2002 in our production GP environment and the 1099s print correctly and with no issues every year.
Ouch! You should have closed PM before posting those checks.
Now, you can adjust the 1099 amounts before posting and back out the checks that altered the balances.
What version of GP are you running?
Thank you. I have the year end book. My question is if payables had not been closed for the calendar year and some checks have been run for 2014 and posted to the GL will my 1099's still be correct. Thanks
I would close payables. That preserves amounts paid, et cetera in 2013 in last year's totals. You do not need to close GL and 1099s can be printed once PM is closed.
You should get a copy of our Closing MS Dynamics GP book as all of this and more is discussed.
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