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PeopleSoft Enterprise Payables Year‐End 1099 Reporting
October 17, 2008
Amy StovallPrincipal ConsultantMiPro Consulting
Agenda
• 1099 Processing Overview• Recommendations for Improving 1099 Processing
• 1099 Enhancements Release 8.4 to 9.0• 1099 Update for 2008• New Reporting Requirements • 1099 Resources• Questions and Answers
1099 Processing Overview
1099 Processing Overview
Improving 1099 Processing
Recommendations:
• Run Withholding Posting throughout the year
• Run the Withholding Mismatch Report regularly
• Update incorrect voucher line or vendor withholding based on mismatch results
• Create and run ad hoc queries to validate results
Withholding Posting
Schedule as Monthly Batch Job
•Set up batch process run control for Post Withholdings process AP_WTHD and schedule monthly
Withholding Mismatch Report
•Run and review the Withholding Mismatch Report APY9010 monthly
Correcting Withholding
•Update/Correct withholding data as necessary
On the Update Vchr Line Wthd page
Correcting Withholding
•Update/Correct withholding data as necessary
On the Update Vendor Withholdings page
1099 Validation Queries
•Utilize query to review withholding data and validate results of processes
Process Description Record(s) Populated/Updated
Withholding Posting WTHD_TRXN_TBL
Withhold 1099 Report Post WTHD_1099_TBL
Withhold 1099 Report WTHD_TO_SND_DTLWTHD_1099_COPYB
1099 Enhancements Release 8.4 to 9.0
• Track and report interest income and government payments
• 1099‐INT and 1099‐G Reports
• Utilize a single run control to run year‐end reports• Withhold 1099 Report Job
• Easily access and manage 1099/global withholding functionality within Vendor component
• 1099/Global Withholding Menu
• Update voucher line/vendor withholding for all withholding entities
• Global Withholding Update
1099‐INT Reporting
• Track and report interest income via 1099I Withholding Type
1099‐G Reporting
• Track and report certain government payments via 1099G Withholding Type
Withhold 1099 Report Job
• New job streamlines withholding processes
One run control, 3 processes
Withhold 1099 Report Job
• New job streamlines withholding processes
1099/Global Withholding
• Easily access 1099/Global Withholding functionality and reports within Vendor component
Update Withholding for All Entities
• Update withholding functionality available for customers who use global withholding entities
1099 Update for 2008
• Oracle is scheduled to deliver the following 1099 changes (anticipated 10/31/2008):
Programming Changes:
– Two fields are deleted from the Transmitter “T”record
• Cartridge Tape File Indicator (positions 409‐410)
• Transmitter’s Media Number (positions 411‐416)– Positions 409 – 416 will now be blank
New Reporting Requirements
• Payer required to set up and implement backup withholding in instances where payee’s TIN number is missing or incorrect– Configure PeopleSoft Withholding environment for backup withholding at 28%
• Electronic filing is the ONLY acceptable method to file information returns with IRS effective December 1, 2008– Filing Information Returns Electronically (FIRE)
http://fire.irs.gov
1099 Resources
• Oracle/PeopleSoft 1099 Update for 2008
https://www.peoplesoft.com/corp.en/login.jsp
• 2008 Instructions for Form 1099‐MISC
http://www.irs.gov/pub/irs‐pdf/i1099msc.pdf
• Publication 1220, Specifications for Filing Form 1099 Electronically
http://www.irs.gov/pub/irs‐pdf/p1220.pdf
Questions and Answers
Insert graphic/clip art for Q & A