1099-Misc Reporting
This document shows step by step process for executing 1099 Misc Reporting
What is 1099 MISC report?
Business Requirement
Prerequisites:
Maintain Social Security Number(SSN) and Employer Identification Number(EIN) in Vendor Master.
Transaction Code: FK02
Maintain Social Security Number for Tax number 1 OR
Employer Identification Number for Tax number 2 in Tax Information tab of vendor master.
Press Enter.
Maintain Withholding Tax Code 07 for Non employee compensation.
Different WT Codes for 1099 reporting.
WT Code | Description |
1 | Rents |
2 | Royalties |
3 | Prizes, awards |
4 | Federal income tax withheld |
5 | Fishing boat proceeds |
6 | Medical and health care payments |
7 | Nonemployee compensation |
8 | Substitute payments (dividends/interest) |
9 | Payer made direct sales of $5000 or more |
10 | Crop insurance proceeds |
11 | State income tax withheld |
Post FI Vendor Invoice.
Transaction Code: FB60
Save the Screen.
Display Posted Document.
Transaction Code: FB03
Double click on vendor line item.
Post Outgoing Payment.
Transaction Code: F-53
Click on “Process Open Items” Tab.
Simulate and Save the Screen.
Execute Withholding Tax Report for 1099.
Transaction Code: S_PL0_09000314 (Withholding Tax Report for 1099MISC)
Execute.
Summary of vendors with 1099 amounts will get displayed as below.
(Note: If vendor master is not filled with Tax Number 1/SSN then program neither list the vendor details in the below report nor prints the form).
Click on Line item Icon.
Generic 1099 Reprot (S_P00_07000134)
Execute.
Enter.
I am also looking forward your suggestion if I missed out anything.
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