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Federal Form 1099 Changesby: Bill Haskett, President
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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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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