Year End & 1099’s in Microsoft Dynamics AX 2012
Posted on: November 23, 2015 | By: Jarrod Kraemer | Microsoft Dynamics AX/365
The end of the year is slowly approaching and with that brings processes in AX that may be a bit rusty. In this blog post we will be walking through some of steps needed to ensure a successful year end with 1099 vendors.
1. To view settlements for 1099s go to Accounts Payable>Periodic>Vendor Settlements for 1099’s
2. Verify that the dates are showing and change to the current year if needed. The grid will show all vendors that have payments that have been made with 1099 selected. The settled federal 1099 column shows a summary of the payments.
a. Note: 1099 selected is a flag on a vendor’s account
4. To view the transactions for a particular vendor, select the vendor and select Tax 1099 Transactions at the top of the form
5. To update certain invoices to not show up on the 1099, change the amount in the Settled federal 1099 column. This will update the total that will print on the 1099.
6. To create the export file, from the main grid, select create export file.
7. Any errors in the file will show up in the grid
Mass Update a Vendor
· Go to Accounts Payable> Commonà Vendors> All vendors
· Find the vendor that you need to update and edit the vendor’s master data for the correct 1099 information.
· When updated, select Update 1099 in the Tax information section.
· Select the correct information and select OK.
View 1099 reports
· To view the 1099 reports, go to Accounts Payable> reports> Tax 1099
· Select any parameters needed for the report and select OK.
Let us know if you would like to discuss how work with other clients during the year end close process.
For additional information please feel free to reach out to us at firstname.lastname@example.org or (312) 345-8817.
All the best!
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