organizational structure 1099/1042 1.1 1099/1042 withholding tax processing 1099/1042 business...
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Organizational Structure1099/1042 1.1
1099/1042 Withholding Tax Processing
• 1099/1042 Business Process
• Withholding Tax Codes
• Invoicing and Payment
• 1099/1042 Configuration
• Reporting
Organizational Structure1099/1042 1.2
1099 Business Process
Organizational Structure1099/1042 1.3
1099 Configuration – Account Groups
Account Group Config.
General Opt.
Tax Code 1
Tax Code 2
Company Code Opt.
W.Tax Code
Exempt, limited
Vendor Master Record
Control Data
Tax Code 1 111-11-1111
Tax Code 2
Account Information
W.Tax Code Exempt #
Valid Until
Organizational Structure1099/1042 1.4
1099 Configuration – Field Status Groups/Posting Keys
PMNT Transactions Opt.
W.Tax Code
W.Tax Amount
PMNT Transactions Opt.
W.Tax Code
W.Tax Amount
Field Status Group:Reconciliation Account
Vendor Posting Key(s):Field Status
Invoice
Vendor VEND1099Company Code US01
W.Tax Code 07
Amount 5,000.00 USD
W.Tax Base 5,000.00 USD
W. Exempt
Organizational Structure1099/1042 1.5
1099 Configuration – Vendor Invoice
Vendor VEND1099Company Code US01
Amount 5,000.00 USD W.Tax Code 07
W.Tax Base 5,000.00 USD
W. ExemptW.Tax Code 07
W.Tax Base 5,000.00
W.Tax Amt. 5,000.00
W. Exempt
Exempt No.
Extras > Withholding Tax
Accounts Payable > Document Entry > Invoice
Organizational Structure1099/1042 1.6
1099 Configuration – Reporting
• 1099 Post Cards (RFKQSU00)– Validates withholding tax information in the
vendor master record.
• 1099 Proof List (RFKQSU20)– Prints list of vendor payments for 1099
withholding tax codes.
• 1099 Print Forms & Create Tape (RFKQSU30)– Prints 1099 forms and creates tape (data file)
for submission to the IRS.
Organizational Structure1099/1042 1.7
1042 Business Process
Organizational Structure1099/1042 1.8
1042 Configuration – Vendor Account Groups
Account Group Config.
General Opt.
Tax Code 1
Tax Code 2
Vendor Master Record
Control Data
Tax Code 1 111-11-1111
Tax Code 2
Company Code Opt.
W.Tax Code
Exempt, limited
W.Tax cat, Reas
W.Tax Country
Account Information
W.Tax Code 42 Exempt #
W.Tax City AA Valid Until
Rec. Type 09 Exempt Auth. 03
Organizational Structure1099/1042 1.9
Invoice
Vendor VEND1099Company Code US01
W.Tax Code 42
Amount 5,000.00 USD
W.Tax Base 5,000.00 USD
W. Exempt
1042 Configuration – Field Status Groups/Posting Keys
PMNT Transactions Opt.
W.Tax Code
W.Tax Amount
PMNT Transactions Opt.
W.Tax Code
W.Tax Amount
Field Status Group:Reconciliation Account
Vendor Posting Key(s):Field Status
Organizational Structure1099/1042 1.10
1042 Configuration – Withholding Tax Countries
Cty WCty Name
US AA ArubaUS AC Antigua and BarbudaUS AF AfghanistanUS AG AlgeriaUS AJ AzerbaijanUS AL AlbaniaUS AM ArmeniaUS AN AndorraUS AO AngolaUS AQ American SamoaUS AR ArgentinaUS AS Australia
Vendor Acct. Info.
W.Tax Ctry AA
Organizational Structure1099/1042 1.11
1042 Configuration – Withholding Tax Formulas
Cty Curr Wi WCty To base amnt WhldTax
US USD 42 AA 999,999,999.99 30.00US USD 42 AC 999,999,999.99 30.00US USD 42 AF 999,999,999.99 30.00US USD 42 AG 999,999,999.99 30.00…
Cty Curr Wi WCty To base amnt WhldTaxUS USD 43 AA 999,999,999.99 30.00US USD 43 AC 999,999,999.99 30.00US USD 43 AF 999,999,999.99 30.00US USD 43 AG 999,999,999.99 30.00…
Organizational Structure1099/1042 1.12
1042 Configuration – Vendor Invoice
Vendor VEND1099Company Code US01
Amount 5,000.00 USD W.Tax Code 42
W.Tax Base 5,000.00 USD
W. Exempt
Extras > Withholding Tax
Accounts Payable > Document Entry > Invoice
W.Tax Code 42
W.Tax Base 5,000.00
W.Tax Amt. 0.00
W. Exempt
Exempt No.
Organizational Structure1099/1042 1.13
1042 Configuration – Reporting
• 1042 Reporting (RFKQSU40)– Prints list of payments for 1042 vendors by
withholding tax codes.– Prints list of vendor payments by withholding
tax code per reporting month.– Prints 1042 forms and creates tape (data file)
for submission to the IRS.