A large portion of the 1099 procedure in Sage 50 is really straight forward. Record your installments consistently, set the "1099 Type" field to Independent Contractor for any merchant that ought to get a 1099-Misc, and print your structures toward the end of the year. Be that as it may, how would you alter the 1099 sum when required? For sure on the off chance that you gave a non-money recompense or prize worth $600 or more – how might you get Sage 50 to print a 1099 for somebody you didn't make an installment to? It's really less demanding than you might suspect.
To begin with, if you’re not acquainted with the fundamental procedure for issuing 1099s from Sage 50, read this outline. Regardless you'll have to take after that same procedure. On the off chance that you gave out non-money prizes, ensure every beneficiary is set up each as a seller. Sage® 50 Peachtree Phone Help Support
The main exchanges Sage 50 incorporates on 1099s are installments to merchants (money payment). So any acclimations to the 1099 sums must be done utilizing an installment, obviously you have to do it in a way that doesn't change your general record adjusts or meddle with your bank compromise.
• Go to the Tasks menu and pick Payments.
• Enter the ID for the seller
• Enter a check/reference number, for example, "1099Adj"
• Enter a date in that is inside of the 1099 year. I for the most part utilize Dec 31.
• On the Apply to Expenses tab enter a depiction, a GL account, and the sum. The GL record ought to be a cost account. Yet, the accurate record you pick isn't especially vital since the equalization won't change. In the event that you have to lessen the measure of somebody's 1099, you can enter a negative sum. Peachtree Sage 50 Financial Reporting Support
• Now retreat to the Cash Account field and change it to the record you utilized as a part of the GL Account field. This will bring about the charge and credit to go to the same record so the net impact will be 0. What's more, it will keep the movement off of your bank compromise.Sage 50 Technical Customer Helpline Support Services
Despite the fact that you've charged and credited the same record, the 1099 may be influenced by the sum on the Apply to Expenses tab. You can run the 1099 Vendor Report (Reports and Forms > Accounts Payable) to audit the new 1099 sums before printing your 1099s. http://phone-help-desk.com
Cautioning – the Payments window recollects that last setting for the Cash Account. So to counteract unintentionally entering installments to a cost account rather than your financial balance, it's a smart thought to open a typical installment and re-spare it in the wake of entering your 1099 modification.