Export 1099 Data from TOPS [ONE] (Updated for 2020)

Related Links

Add A Vendor in TOPS [ONE] 

Schedule Reports - Sent to an Email

Closing the Current Year

***(Video) Processing 1099s in TOPS [ONE] for 2019***

 

Related Links (External)

IRS.Gov Home Page

1099 Instructions & Info

Important 1099 Changes for 2020

Importing 1099-NEC into Yearli

 

Compatible Tax Software

 

Before you begin processing 1099's please be sure to read the changes that the IRS has made in regards to the 1099 forms for 2020.

 

 

Description

The 1099 form is a collection of documents required by the Internal Revenue Service (IRS), to report various taxable incomes.

This is required for vendors who have received over $600 in: 

  • services performed by someone who is not your employee;
  • other income payments;
  • generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
  • rents
  • prizes and awards
  • medical and health care payments
  • crop insurance proceeds
  • cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish
  • payments to an attorney
  • any fishing boat proceeds

In addition, use this form to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.

This guide will give you step-by-step instructions on how to export the data from TOPS [ONE] needed to generate the required 1099 forms and how has this data automatically sent to an email. 

 

Before You Start

TOPS [ONE] exports the data needed to fill out the 1099 forms. TOPS [ONE] does not generate the forms filled out.

In order to print the forms, you will need to use a 3rd party program (Like Yearli or TFP) in order to import the data from TOPS [ONE]. 

You can find these forms and software at the top of the page under Compatible Tax Software 

 

We have partnered up with Yearli in regards to the changes made the 1099 process for this year. 
For more information, please visit their site, https://yearli.com/integrations/tops. 

 

Verify that the following information is filled out to avoid missing data on the 1099 form

-Vendor Tax ID 

-Vendor Full Address

-Vendor Billing Address

-Vendor Phone Number 

-Vendor Name 

-Community Tax ID 

-Community Full Address

 

Vendors must have the Receives 1099 checkmark on their page in order for them to appear in the 1099 export data.

If they are missing that check mark, enable the vendor by click Actions then Edit Vendor. Then click the Receives 1099 toggle to include this Vendor in the data export. Then click save on the top right of the page. 

 

Step By Step

1. Click >Reports then Standard 

2. Scroll Down to Year-End and select 1099 

3. Fill in the Parameters 

Minimum 1099 - By default, this populates with 600, which is the minimum dollar amount required by the IRS for this form. 

Start/End Date-  Because this form is required every year, the start and end date defaults to the first and last day of the year. 

Sort - Select your preferred sort order 

Export Format - You have the option to export the 1099 Summary. Select either Excel, PDF, or Word.

4. After you have made your changes, click Apply  to see the changes in the Vendor Summary. 

5. To export using your Export Format option, click 

6. To export for a 3rd Party Program, select from the options below

mceclip0.png

Export Type Compatible Software
mceclip1.png TFP 1099 & W2 Tax Forms Software
mceclip2.png Yearli
mceclip4.png Previous versions of TFP

 

 

You will then use your 1099 software programs to import the data from TOPS [ONE] and print the 1099 forms. For any questions regarding the 3rd party software, please reach out to their support team. 

 

Next:

(Video) Processing 1099s in TOPS [ONE] for 2019

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