17 Nov Confirm Payees
Posted at 12:55h in
- Confirming Payees are Vendors
- Confirm that all payees that will require a Form 1099 are on the Vendor list (Lists > Vendors List).
- · If there are any names on the Other List (Lists > Other Names List), single click on the name, choose Other Names > Edit > Change Type > Vendor > OK. This activity will move the name and related transactions to the vendor list.
- · If a customer name has been used (Lists > Customer: Job List), a new vendor needs to be created with a slightly different name (Lists > Vendors List > Vendor > New) then all transactions using the customer name will need to be corrected to use the new vendor name or enter a check for the vendor with the total amount paid for 1099 purposes then enter a deposit without the vendor reference using the same general ledger account. The net effect in the bank account will be zero.
- Then, go back to the customer list and delete the incorrect name to ensure that the wrong one will not be chosen in the future.