Vendor Maintenance/Inquiry: Corporate Detail

Screen ID: 

Screen Title: 

Panel Number:

UAPVE-03

AP Vendor Maintenance Detail by Corporation / 1099 Reporting

4779

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This screen will appear after clicking Corp Detail (F20) or by clicking the Update 1099-Misc Info for Prev Year button on the main Vendor Maintenance screen.

This screen allows maintenance to the amount that will be printed on the 1099-MISC form for this vendor when tax forms are generated in January. The screen is designed so that multiple-corporation credit unions can break down the amounts paid to a vendor from each individual corporation, allowing them to take advantage of 1099-MISC forms printing services for their vendor relationships.

Here's how the process works:

  1. As payments are made through the CU*BASE Accounts Payable system, the Vendor History file is updated for the appropriate corporation. The system calculates the amount paid year-to-date on various inquiry and other screens on an ongoing basis. This Detail by Corporation screen will display figures broken down by Corporate ID, while initial maintenance and inquiry screens will display the total for all corporations.

  2. During year-end processing, the system will total all the amounts paid for the year, updating the Amount Paid Previous Year field for each individual corporation.

  3. If Create A Form 1099-MISC Year End is checked (“Yes”) on the vendor record, during year-end processing the system will also update the Previous Year 1099-MISC Amount field with the same amounts as Amount Paid Previous Year for each corporation

    • If Create A Form 1099-MISC Year End is not checked, the Previous Year 1099 Amount field for each corporation will always be calculated as zero.

    • IMPORTANT: If an amount appears in the Previous Year 1099-MISC Amount field for any corporation when tax forms are run in January, a 1099-MISC form will be produced for this vendor, regardless of the setting of the Create a Form 1099-MISC Year End field on the vendor record. Therefore, do NOT manually enter an amount here unless you wish 1099-MISC forms to be produced.

  4. After January 1 and before the tax forms are printed, credit unions can update the 1099-MISC field for each corporation should it need to be corrected prior to printing the 1099 form. After 1099 forms are printed, the amount in this field will remain as a reference for the amount that was printed on the 1099-MISC form for the previous tax year. (This information is not used after the form is printed; it just shows what the 1099-MISC form had on it, assuming it wasn't accidentally changed later.)