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mcnulty_mig

Year End - 1099's - Incorrect Year

SOLVED
Posted By

Hi,

We use Sage, but not extensively, so issues are easily overlooked.  Apparently, the entries which were made through 2013, were being entered for the year 2012.  We have been using Accounts Payable for invoice entry, and then paying vendors from those invoices.  We have been using Accounts Receivable to record the deposits for a number of accounts which are then used to pay the invoices in AP.  We have not been doing payroll out of it or anything like that.

What needs to be done to not only close years, but to get it so that everything is now being entered for 2014, and to correct the 1099's which will be generated for 2013, but would currently reflect 2012?

  • 0

    Hi mcnulty-mig,

    Based on the information above it sounds like a non-standard workflow. The software isn't setup to pay Accounts Payable invoices from Accounts Receivable deposits. Is this a situation where your Accounts Payable vendor is also your Accounts Receivable customer?

    Thank you,

    Jordan

  • 0 in reply to Jordan Pesci
    verified answer

    Maybe I'm not understanding the original question, but it sounds like you're concerned that because AP was in the year ending 12/31/2012, that your 1099s will not have the correct totals for 2013. If this is the case, if you close 2012 before cutting any 2014 checks, the "Next Year" 1099 balances on your vendors will have rolled to "This Year" and will actually be the correct 2013 1099 amounts.

    To be sure - there is a great article in support "How do I verify my 1099 amount paid for a vendor in Accounts Payable?" (the ID at the bottom is 21812 - is that the new KB?)

    They have reports you can download that will verify 1099 totals based on actual payment dates.

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