Use the 1099 Setup screen to enter the IRS 1099 box numbers, income type descriptions and threshold amounts for 1099 returns for the current tax year.
Several methods are provided for assigning 1099 box information to transaction:
A default 1099 box can be assigned to an individual account in the Chart of Accounts
A default 1099 box can be assigned to a Vendor.
Assign a 1099 box to a Bills or Checks transaction detail lines.
1099 Box Default Logic
If a transactions if entered for a Vendor with a Default 1099 Box, the Vendor's Default 1099 Box will default into the transaction at data entry time and the user may override it.
Transactions that do not have a 1099 Box assigned a data entry time and are for Accounts with a 1099 box will be assigned to the Account's 1099 Box.