Federal Form 1099 Changes

by: Bill Haskett, President

Federal Form 1099 Changes As usual, the federal government has decided to remove a box from the Federal Form 1099-MISC and create a completely new form called the Federal Form 1099-NEC.

It goes without saying this creates a large amount of work for everybody involved, which is probably what it was designed to do - we certainly haven't had enough trouble in 2020.

The solution Advantos has arrived at is to implement the creation of both forms from the standard 1099 preparation process located in "A/P > Miscellaneous > Prepare 1099s".

During this process, Advantos will create the 1099-NEC forms for those vendor payments made to normal non-employee contractors and a supplemental totals report for those vendors appearing on these forms. The other kinds of payments to vendors, requiring 1099s to vendors for attorneys, rents, medical payments, will appear on the older 1099-MISC forms. This output will also be accompanied by another supplemental total report.

The forms will product two documents per page so it is important to purchase the appropriate forms (1099-NEC and 1099-MISC) with two (2) forms per page. This will ensure that the Advantos 1099 forms printing is properly positioned on these federal forms stock.


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In This Issue

LiBullet.gif Form 1099 Changes
LiBullet.gif Our Clients Ask Questions
LiBullet.gif Using Advantos ® to Improve Your Business
LiBullet.gif Our Partners
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Resources

Customers have access to resources that include an administrative manual, on-line help for each web form, and email support.

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Our Partners

The Albert Corporation, located in the Boston MA area, is one of our many clients located within the United States.

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Special Notice

Are you using the Advantos ® Customer Service Action Requests? CSARs can track any office contacts and tasks and can be included on the Hometastic Web Portal.

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Our Clients Ask Questions.

See what our clients are asking. Can we allow homeowners access directly to their accounts? The Hometastic ® Web Portal is a service offered by Advantos that allows homeowners and board members access to both homeowner accounts and standard association reports.

The Hometastic ® Web Portal can be accessed from either the client's Hometastic ® web site, the client's individual web site, or the management company's web site. All that is needed for access to the Web Portal from a non-Hometastic ® web site is a URL to include into these other web sites.

You can also configure which user can access the Web Portal and what level of access they have. Basic access is to an owner's account, but Board-level access is to basic real-time reporting.

Using Advantos to Improve Your Business Success

Using Advantos to improve your business success. Advantos ® ERP software was designed to work as the core of a property management business. All of the processes are designed to assist the management company to be more efficient, resulting in improved profitability. Our Accounts Payable module can create NACHA files to pay bills and can import invoices, say from a utility company, en masse.

All of our modules automatically interface with the General Ledger module, where all standard general ledger reporting is accomplished in a "trust" and secure environment.

Our Corporate Receivables module allows the maintenance of the corporate A/R by automatically tracking and creating transactions rather than forcing users to manually post transactions to the G/L separately, which is not recommended.

Advantos ® modules all integrate seamlessly with the other Advantos ® modules in order to make management of all the transactions you will encounter easier and more secure.

Contact us for help with tracking activity within your office.


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