The year-end version of Sage 300 Construction and Real Estate (version 20.3) includes Form 1099 changes that are effective with your 2020 reporting. Note: be sure to print any corrected 1099 forms for 2019 or earlier years before installing the year end version.
After upgrading:
• Form 1099-MISC Non-Employee Compensation is renamed to 1099-NEC Non-Employee Compensation.
• Form 1099-MISC Rents is renamed to 1099 MISC Rents/Gross Proceeds.
For details, see:
• Sage Knowledgebase article 104810 “Will the new 1099-NEC (nonemployee compensation) forms be available in Accounts Payable?”. This article includes actions you must take if you have Gross Proceeds Paid to an Attorney selected on your vendor setup.
• Sage Knowledgebase article 50350 “Is there a report that will show the vendors and 1099 amounts in Accounts Payable?”. This article covers improvements that we made to the 1099 Preparation report such as:
o Summary and Credit Card vendor types are no longer included
o Prompt for minimum reporting amount
o Option to include inactive vendors
o Option to include only vendors marked to receive a 1099, or only vendors not marked to receive a 1099, or all vendors
o Form type validation if Gross Proceeds Paid to Attorney is selected on the vendor.
o Review for missing Recipient Tax IDs
o Vendor count for each form type
Need help closing the year?
Visit www.Sage.com/Resources for options, including links to Sage Year-end Center, Sage Knowledgebase, Sage City, and Sage University, as well as Chat and Online Case submission.
Questions? To start (or join) a discussion about this topic, please visit the Sage 300 Construction and Real Estate General Discussion forum.