The second step in the tax process is to generate both the 1099 INT and 1099 MISC data. When you click on the Generate 1099 section, you will see a few parameters that you will need to set before clicking the generate button.
There are only four tax generation parameters for the 1099 INT form: choosing the form, choosing the percentage method, and entering the from and to dates. Once you have these four parameters complete, click on the generate toolbar button. You should see a progress area appear on the right side of the window once you click generate. This is also where any generation errors will appear.
When you choose to generate the 1099 MISC data, you’ll notice that there are two extra required parameters, firm fed ID and firm phone and one optional parameter, the EIN checkbox. We will show you a similar progress and generation error section for the 1099 MISC like the 1099 INT.
The most common tax generation error you will see is that either the payer or recipient federal ID is not nine digits. You can easily fix this by clicking on the pencil icon next to the contact code. This will open a pop up window of the contact’s record so that you can fix the federal ID number on the fly. If you need assistance deciphering any of the generation errors, don’t hesitate to give us a call.