{"id":3599,"date":"2018-11-06T09:06:07","date_gmt":"2018-11-06T14:06:07","guid":{"rendered":"http:\/\/www.camsbycbs.com\/wordpress\/?p=3599"},"modified":"2018-12-13T17:59:25","modified_gmt":"2018-12-13T22:59:25","slug":"irs-form-1099-misc-and-vendors-issue","status":"publish","type":"post","link":"http:\/\/www.camsbycbs.com\/wordpress\/?p=3599","title":{"rendered":"IRS Form 1099-MISC and Vendors Issue"},"content":{"rendered":"

We have noted a possible situation that occurs with the IRS Form 1099-MISC when you produce the form for vendors. You must read this announcement in its entirety and ensure that you have performed the following, as necessary:<\/H3><\/p>\n

Note:<\/b> This was also posted in the CAMS-ii Version 5.4.9 Release Notice, posted on the CBS Message Center.<\/p>\n

If you have set up a vendor to receive a 1099-MISC, but you edited the expense
\ncheck AFTER you created it, but BEFORE you printed it, the 1099-MISC Amount field may NOT have updated correctly. To determine if this has affected your credit union...<\/p>\n

    \n
  1. Go to G\/L > Maintenance > Payees\/Vendors. On the Payees\/Vendors navigation
    \nscreen, click a Payee\/Vendor.<\/li>\n
  2. On the Vendor\/Maintenance screen for the individual vendor, determine if the
    \nVendor Requires 1099 MISC check box is selected.<\/li>\n
  3. If the Vendor Requires 1099 MISC check box is cleared (empty), return to the
    \nPayees\/Vendors Navigation screen and follow steps 1-3 above.<\/li>\n
  4. If the Vendor Requires 1099 MISC check box is selected (checked), verify that
    \nthe amount in the Payment YTD text box equals the total of the items in the 1099 Misc Amount Descriptions, Codes and YTD Amounts section for the Vendor. <\/li>\n
  5. If the Payment YTD text box equals the total of the items in the 1099 Misc Amount
    \nDescriptions, Codes and YTD Amounts section, return to Step 2 above.<\/li>\n
  6. If the Payment YTD text box does not equal the total of the items in the 1099 Misc
    \nAmount Descriptions, Codes and YTD Amounts section, continue to Step 7.<\/li>\n
  7. In the G\/L > Inquiry > Vendor Activity Inquiry screen, set the Begin Date filter to
    \n01\/01\/2018. Refer to the Paid Out total, then, if needed, update the Payments YTD text box in the Payees\/Vendors Maintenance (GL >Maintenance > Payees\/Vendors) to match. If needed, update the appropriate 1099 MISC Amount Descriptions, Codes, and YTD Amounts text boxes to match the Paid Out\/Payment YTD amount.<\/li>\n<\/ol>\n

    Note:<\/b> You can build a CAMS-ii Data Miner query by using the G\/L Vendor Table to list those vendors that have a 1099-MISC. <\/p>\n","protected":false},"excerpt":{"rendered":"

    We have noted a possible situation that occurs with the IRS Form 1099-MISC when you produce the form for vendors. You must read this announcement in its entirety and ensure that you have performed the following, as necessary: Note: This was also posted in the CAMS-ii Version 5.4.9 Release Notice, posted on the CBS Message […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,7],"tags":[],"_links":{"self":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/3599"}],"collection":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3599"}],"version-history":[{"count":30,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/3599\/revisions"}],"predecessor-version":[{"id":3851,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/3599\/revisions\/3851"}],"wp:attachment":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3599"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}