About entering 1099 opening balances (historical year-to-date amounts)
Related information
Related topicsOpening balances (also referred to as initial values or historical year-to-date amounts) are the 1099 amounts you tracked in your previous accounting system before you began using Sage Intacct.
If your company started using Sage Intacct after January 1, enter opening balances for each 1099-eligible vendor or employee so that Sage Intacct can calculate accurate 1099 reportable totals. Opening balances are added to any qualifying transactions you process in Sage Intacct during the year.
You can also enter opening balances for prior years if you want to maintain historical 1099 information.
Before you begin
Before entering opening balances, ensure that vendors and employees are set up for 1099 treatment.
Enter balances for the appropriate year
To enter opening balances for the current year, use the current year shown in the Initial values for year field on the Form 1099 information with default box window.
To enter opening balances for a prior year, select one of the available years in the Initial values for year list and enter the historical amounts for that year.
Amounts entered as opening balances are combined with future qualifying transactions to determine 1099 totals.
Enter opening balances at the top level or entity level
The process for entering opening balances depends on whether Issue a separate 1099 per entity is enabled on the Manage multiple entities page.
When separate 1099s are issued per entity
If Issue a separate 1099 per entity is enabled, you can enter historical YTD amounts at either the top level or the entity level. Vendors and employees within subordinate entities receive entity-specific opening balances, even when the same vendor or employee exists in multiple entities.
When separate 1099s are not issued per entity
If Issue a separate 1099 per entity is not enabled, enter opening balances for all vendors and employees at the top level.
Enter only the calendar year-to-date 1099 amount for each vendor or employee. This amount can differ from the total amount paid during the year.
If your company uses a fiscal year that does not align with the calendar year, adjust the amount to include only payments made during the applicable calendar year.
