MRI Software will soon have a new 1099 process for form 1099-NEC. This process will take advantage of existing setup, allowing the printing of amounts in box 1 on form 1099-NEC for any vendor with a payee type of vendor. All other payee types will continue to print in box 1 on the 1099-MISC form. Vendors marked as attorney fees vendors will print in box 10 on form 1099-MISC.
In preparation for these updates, please ensure the following steps have been taken:
- All vendors that should receive a 1099 are marked as 1099 vendors and they have the correct payee type or are marked as attorney fees vendors
- Expense accounts are marked as 1099 accounts
- 1099 payers have been set up. If setting up payers by entity/entity groups, make sure that all entities associated with a payer have been defined