Configure Tax Accounts

Configuring your tax accounts is the first step in preparing the 1099 INT and MISC records for the year. When you first open the configure tax accounts section, you’ll see three main areas: Currently Selected Accounts (left), the Box selector (middle), and the GL Accounts Selector (right). The currently selected accounts area has two tabs, one for the INT boxes and their GL accounts and one for the MISC boxes and their GL accounts.

Adding GL Accounts to Boxes

To add GL accounts to the tax box, first choose the desired 1099 tab, and select the box you want to start with. Then, use the GL account selector on the right to check the GL accounts you want to assign to that box. You can select multiple GL accounts at a time if needed. Once you have your accounts chosen, click on the add button. You will then see a list of your GL accounts in the currently selected accounts area. Continue these steps for each applicable tax box for this form. Once you have all boxes configured for the INT tab, you can move to the MISC tab and follow the same steps. Similar to the account selector in the reports section, you can filter the account list by enterprise, account, subaccount, or even account name. As you type in the search bar above the accounts, you will see the list filter to only show the accounts containing the typed text.

Importing Configuration from Prior Year

Rather than manually configuring your tax accounts, you can import last year’s configuration by clicking on the ‘import configuration from prior year’ toolbar button. When you click on this button, you will see a pop up warning that tells you all currently configured tax accounts will be deleted and replaced with the imported accounts. When you click OK you will see a Windows open dialog box open to the current database location. This should also be where your tax database resides. If you are importing last year’s AccuFarm tax database it will have “MGRTaxForm” in the file name. All tax databases will have a .mdb file extension. Once you find the desired tax database in the list, click on it, and choose open. After you’ve imported accounts, you can add or delete accounts if needed.

Once you have configured your tax accounts for both the 1099 INT and 1099 MISC forms, move to the next tax section – Generate 1099.

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