Professional Services Tool Library – 1099 Modifier
Posted on: March 2, 2016 | By: Craig Thompson | Microsoft Dynamics GP, Professional Services
This is post number five in a series of blog posts that are centered on the specific features within the Professional Services Tool Library (PSTL). The PTSL is now a standard feature in GP that has many valuable tools available to users that used to only be accessible via Microsoft support or your implementation partner. Before you begin using the PTSL, there are a few things that you need to remember:
- Before you take any action in the PTSL, make a backup of your SQL Server data. Some of the tools will prompt you to make a backup before proceeding, but this should be standard practice for all of them.
Most of the tools require that the person utilizing the PTSL is the only user logged into GP.
Certain tools will require that you login as “sa.
This screenshot shows all of the available tools.
In this post, I will show you how to best use ‘1099 Modifier.’ This tool allows you to update the 1099 amounts for vendors who are not set up as a 1099 vendor for the year or a portion of the year. So, if you are setting up a new vendor that may or may not qualify as a 1099 vendor, you can set it up as a typical vendor and change the vendor to a 1099 one using this tool.
In order to utilize this tool, you first need to take an existing vendor and set it up as a 1099 vendor. Navigate to Cards –>
Vendor. Select the vendor that you want to make a 1099 vendor and click Options in the lower right hand corner. The screen below will pop up.
In the Tax Type field, the Not a 1099 Vendor option will be selected. Change that to either Miscellaneous, Dividend, or Interest – whichever is appropriate for the selected vendor. After this selection is made, the 1099 Box field will change to the relevant box. After this is done, click OK and save.
Now, navigate to the PSTL Library. Select the 1099 Modifier in the Purchasing Tools section and click Next. The screen below will pop up.
I would recommend first printing the report only to make sure that all transactions are properly included. Choose the appropriate year and click Process. A screen will show up that will list the Vendor ID, Voucher Number, and 1099 Applied Amount for each transaction with that vendor for the selected year. Once you check the list, choose the Process and Print Report option and click Process.
For more information on Microsoft Dynamics GP contact Logan Consulting, your Chicago based Microsoft partners.
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