Sage Fund Accounting 1099 Processing by the McGovern Consulting Group

www.mcgoverncg.com 1099 Processing Through Sage Fund Accounting Familiarization Session

Agenda
Free Education Webcast
Software Version
Validating 1099 Vendors
Validating 1099 Amounts
Making Adjustments/Corrections
Processing Through Aatrix

Free Educational Webcast
McGovern Consulting Group is committed to ensuring that our clients continue to develop their skills and knowledge. As part of that commitment we will be holding a Free Monthly Educational Webcast on Various topic.

Confirming Your Version
You Must be on Version 11.2.0 to process 1099’s
To Confirm Your Version
Accounting  Help  About

What If I Am Not on Version 11.2
Three Ways To Get Upgraded:
Login to the Sage Knowledgebase and Download the Software
www.sagesoftwareonline.com
Use the Sage Auto Update Feature Installed with Version 11.0
Start  Programs  Sage  AutoUpdate  Sage Auto Update Console
Contact the McGovern Consulting Group to schedule your Piece of Mind Upgrade

Who is Marked as a 1099 Vendor
To Confirm – Who is Registered As a 1099 Vendor
Accounting  Reports  Lists  Vendor Information

Select the Default report called <Default and 1099 Information>
On the Content tab select “Issue 1099” and move it up to the first position using the blue arrow up
On the “Issue 1099” Change the Sort Description to “Desc”

Since changes have been made to the default report you will need to assign a new report name and save it.
Review this report to ensure that appropriate vendors are marked as 1099.

Reviewing the Cash Journal
To confirm what box number has been used when processing transactions, run the Cash Journal report
Accounting  Reports  Journals  Cash Journal

The default report will displays the current years dates and will need to be changed to last years dates

Once you Change the Dates Assign a new report name to the Report.
You will need to go to the filter tab and move “Vendor Issue 1099” from the right hand side to the left hand side

Adjustments
If in your review there are Vendors that have the wrong box number or are not listed with a 1099 Amount at all you can update it through the Vendor File – booking a top side adjustment for 1099 reporting purposes only.

Adjustments
Accounting  Maintain  Vendors
Click on the 1099 Tab of the Vendor record

Adjustments
Here is where you can:
Confirm the Vendors tax information
Make adjustment

Adjustments
Once all of your adjustment are done re-run the Cash Journal to review results

Processing 1099’s

Processing 1099’s
Accounting  Activities  Produce Vendor 1099’s

Processing 1099’s
Always Update Your Forms if Available!
After you Update – Close and Re-Open the Produce Vendor 1099’s

Processing 1099’s
When you Click on OK it will start the wizard – read each screen carefully and ensure the information that it is pulling is correctly. This information is in your database

Processing 1099’s
If the information is not correct the majority of it can be fixed by logging into the Administration Module  Organization  Organization Information.

Should You Have Additional Questions Contact Us: McGovern Consulting Group, LLC 888-876-1544 www.mcgoverncg.com

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Sage Fund Accounting 1099 Processing by the McGovern Consulting Group

by McGovern Consulting Group, LCC on Jan 27, 2012

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Sage Fund Accounting 1099 Processing by the McGovern Consulting Group — Presentation Transcript