Note: CosmoLex does not produce actual 1099 forms. You can extract list of 1099 payees and associated amounts to prepare 1099 forms manually or use one of the online reporting services. Additionally, we only total disbursements. If for any reason, payment was refunded and was entered as a deposit, it will not reflect in the payment total.


How to generate 1099 Payee Ledger

  1. Click on “Reports” -> “Accounting” -> 1099 Payee Ledger.

  2. Default Bank choice is “All Operating & Trust Bank Accounts”. You can change to various bank types combinations based on instructions from your accountant.

  3. Select the date range. Default is “Last Year” as 1099s are normally issued in January for the prior year.

  4. Select option Summary or Details. It is a good practice to review itemized transactions in Details format first and then produce final Summary report.

  5. Under Options:

    1. Only include payees with payments totaling >= $600 : Is used to exclude payments below $600 as 1099 is not required to be issued.

    2. Exclude 1099 Ineligible Payees : CosmoLex 1099 report includes all payees except for Memorized Payees which do not have “1099 Eligible” flag checked. See below on how to exclude payees from the report.

  6. Once you've excluded non-eligible payees the total amount of all 1099’s is listed on the Summary Report.  This is the amount to be input on the 1096.

 

How to exclude Payees from CosmoLex’s 1099 Payee Ledger

CosmoLex 1099 report includes all payees except for “Memorized Payees” (See Contact -> Payee) which do not have “1099 Eligible” flag on). To exclude any payee, go to Contact -> Payee, locate the payee, EDIT and uncheck box “1099 Eligible”. If payee is not listed, ADD the payee and keep “1099 Eligible” unchecked.  Re-generate report.