New customers who begin using SchoolInsight in July must enter the amounts paid to 1099-eligible vendors from January through June.
By adding the Jan-June year-to-date (YTD) amounts to all the transactions posted in SchoolInsight from July through December, you can generate a single 1099 form for each eligible vendor that covers the entire calendar year.
These YTD amounts are called Starting Balances because they represent that starting balance as of July 1st.
To enter the YTD starting balances:
- Go to Financials Main > Accounts Payable > Vendor - Single View
- Click the three-dots menu in the upper-right corner and select Mass Enter 1099 Data
- Verify that you have the correct Calendar Year selected in the upper-right corner
- In the Eligible for 1099 column, choose 1099-MISC or 1099-NEC
- If 1099-MISC is selected, fill out the Report Income As column
- Choose the Vendor Tax ID Type (SSN/ITIN or EIN)
- Enter the Vendor Tax ID
- Enter the Jan-June YTD amounts in the Starting Balance column
- Save Changes