AP: Year End 2013

News

What's new for 2013 Year End

• New 1099 Option ... Print 1099 based on transaction detail. This year we added the capability to record the 1099 class for each transaction with a vendor. For example you could mark just the interest portion of note payments for the 1099-Int.

Changes in Keystone

• Latest 1099 Forms. (Note: release 2.7.0 has the finalized 2013 1099 forms)
• Latest E-File standards
• Minor Changes in AP Vendor Maintenance improve 1099 handling:

Year end processing

AP Year End and Print 1099 Process

Setup Periods for the new year

1. Select “Setup Periods” from the Accounts Payable Month End menu.
   
2. Enter “2014” in the Year box and hit “tab”
   
3. Follow the prompts to fill in the 12 calendar months automatically.
   
4. Click OK or press F2 when done.
   

File:AP1099 1.jpg

Close Old Year (also see Setup Periods)

File:AP1099 YE.jpg

1. Select “Setup Periods” from the Accounts Payable Month End menu.
   
2. Enter “2013” in the Year box and hit “tab”
   
3. Mark the Status “C” for Closed

Run Year End Processing

1. Open Month/Year End Processing from the Month End menu of Accounts Payable
   
2. Select Year End and enter date parameters
   
3. Click OK
   
4. Click YES to procede.
   

File:AP1099 YEPR.jpg

Note: Running Year End Processing recalculates Year to Date Purchases and Payments for the new and prior year. If you make transactions into AP after running Year End Processing, run the process again.

Processing 1099s

Preparation

Review vendors using *AP Vendor Maintenance.

• Modiify the Name and 1099 Name to handle dba vendors. Only fill in the 1099 name as needed.

On the new Taxes Tab...

• Verify 1099 Classes are setup properly. If necessary setup new 1099 classes in 1099 Class Maintenance
• Verify Tax ID No.
• Set the Tax ID Type. NOTE: the Tax ID Types changed for 2011
• Setup the 1099 Address where needed. Only use this when the 1099 address is different than the standard address.

Steps to Printing 1099s

1. Open 1099 Audit List from the Month End menu of Accounts Payable
   File:AP1099 P1.jpg
   
2. Select the Form to be Printed
   File:AP1099 P2.jpg
   
3. Select run with Prior Year option.
   note: Select Include Non-1099 Vendors and preview to check for vendors who may need to be setup for 1099s.
   
4. Select the appropriate 1099 Class
   
5. Click Payer Info tab to set up company name and address.
   
6. Select Include Inactive as well as Include Active.
   

See: Old Instructions

Processing E-File 1099s

See: AP E-File Export

Preparing for 2014

• Use AP Vendor Maintenance to update W-9 Tax Types
• Keep up to date on new rules. Prepare for 1099s going to all corporations.