Payables and Cash Management - EBS (MOSC)

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How to exclude Virtual payments from 1099s for Fed tax reportable Suppliers

in Payables and Cash Management - EBS (MOSC) 5 commentsAnswered

We have an issue where some of our Suppliers are tax reportable (Fed tax reportable is checked on Supplier header) and many invoice payments are made using Virtual payments. For those VP's, the invoice distribution line is being flagged to be included in our 1099's. For any Virtual payments, the bank will send a 1099 to the Supplier and we should not send a 1099; or if there are multiple forms of payment to the supplier in a tax year, we would need to send a 1099 and only include invoice amounts that are not Virtual

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