This form lets you add codes to assign to your vendors who are subject to 1099/CPRS reporting.
You must enter a 1099/CPRS code in the Vendors form for each vendor you mark as subject to 1099/CPRS reporting.
1099/CPRS expense class codes correspond to the various box numbers on a standard 1099 or CPRS form. In other words, they identify different categories of 1099/CPRS payments. You specify the default 1099/CPRS code for each vendor in the vendor records, but you can specify a different code for each invoice, if necessary. (Generally, you should assign code 3, Other Income, for vendors subject to CPRS reporting in Canada.)
The codes created by Accounts Payable are:
|1099/CPRS Code||Minimum To Report||Description|
|4||zero||Federal income tax withheld|
|5||zero||Fishing boat proceeds|
|6||600||Medical and health care payments|
|8||10||Substitute payments in lieu of dividends or interest|
|10||600||Crop insurance proceeds|
|13||zero||Excess golden parachute payments|
|14||600||Gross proceeds paid to an attorney|
|15A||600||Section 409A Deferrals|
|15B||zero||Section 409A Income|
|16||zero||State income tax withheld|
1099/CPRS vendor amounts are accumulated by code and by period. Each time you enter an invoice, you can specify the 1099/CPRS code to which the invoice applies. Accounts Payable prints each code amount in the appropriate box on the 1099/CPRS form.
Note that although 1099/CPRS codes and amounts are entered with vendor invoices, Accounts Payable accumulates the 1099/CPRS statistics each time you post payments for the vendor.
You can change the description and Inactive status only. You cannot change the 1099/CPRS code.
However, assigning Inactive status does not affect the accumulation of 1099/CPRS information at posting.
Deleting codes does not remove any information from your ledger (except the code definition). However, you should not delete 1099/CPRS codes if you are required to print 1099/CPRS forms. If you accidentally delete a code, just add it again.
If you delete a 1099/CPRS code, you can no longer assign it to vendor records — nor can you update a vendor record which has that code assigned.
If you add non-standard codes
- Only standard 1099-MISC codes are printed on the stock 1099/CPRS Amounts report.
- If you add any non-standard 1099/CPRS codes, you must modify the 1099/CPRS Amounts report form to print the non-standard codes.