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New 1099-NEC & Federal Income Tax Type

edited Feb 13, 2020 8:36PM in Payables, Payments & Cash Management 4 comments

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I see that Oracle is not updated for the new 1099 NEC. Does anyone know if updating the old MISC7 to the new NEC1 will be something that Oracle will supply in an update or is this something that companies will have to do. I am not sure if that is even a configuration that we have. And I am assuming that all payments made until that update will still be MISC7 and will need to be updated individually. Anyone else started looking into this yet?

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Fusion Cloud
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