Crimson: Treasury – 1099 IRS Reporting Features

 

IRS 1099 Forms are commonly used for the reporting of Consultant income.  Crimson provides 1099 features to help simplify 1099 tracking and reporting.  Below are the currently available 1099 features:

  • 1099 Vendor Settings
  • 1099 Transaction Indicator
  • 1099 Tracking Report

1099 Vendor Settings

Vendor Settings allow clients to enter the Tax ID# for any vendor and if 1099 tracking is needed, clients can use the 1099 checkbox indicator found under the vendor’s profile.  When enabled, this indicator automatically marks any new transaction for 1099 tracking.

 

To make edits to a Vendor’s settings:

  1. Go to the Treasury menu of Crimson and select the Vendors submenu option.
  2. Search for the Vendor record you would like to update and click  to open their profile.
  3. Click “Edit Full Record” at the top of the profile.
  4. Make your updates, then click Save.

1099 Transaction Indicator

 

To edit the indicator for a transaction:

  1. Go to the Treasury menu of Crimson and select the Vendors submenu option.
  2. Search for the Vendor record you would like to update, and click  to open their profile.
  3. Find the transaction you would like to edit, and click  to open the transaction details.
  4. Make your edits, then click Save.

 

Please note, if your main source of data entry for vendor transactions is the import module, then there is a mappable field called “IS1099” you can use to indicate if a transaction should be tracked for 1099 reporting.  To use this features, simply include an “IS1099” column in your file for import, then use an “X” for the records that should be indicated as 1099 records.

 

1099 Tracking Report

Our Vendors’ search and export will allow you to view if a vendor has been indicated as a 1099 recipient.  The Disbursements, Invoices, and treasury Receipts search and exports will also allow you to view which transactions have been indicated as 1099 applicable for a vendor.  For 1099 reporting purposes, we recommend using Treasury Report #393 – 1099 Reporting.  To run this report:

1. Go to the Reports menu of Crimson, and select the Treasury Submenu option.

2. Search for report #393 – 1099 Reporting and then click .

3. The following criteria must be completed:

IS 1099

No – This will show you all the vendors who had transactions marked for 1099 tracking, but the vendor 1099 setting was not enabled for them.

 

Yes – This will show you all the vendors who had transactions marked for 1099 tracking, that were also indicated as 1099 vendors.

 

All – This will show all vendors who had transactions marked for 1099 tracking regardless of their vendor settings

Date Range

This date range typically reflects the year being pulled for IRS reporting. The total amount indicated for each vendor within the report results will reflect the total of their transactions within the given date range.

Fund Code

Select the correct Fund Code for the pull.4. Click after the filtering criteria.

4. Click Run after the filtering criteria.

5. Click  to review the resulting vendors and their 1099 reported information.

 

 

 

 

 

 

 

 

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