1099 Processing

Both the 1099 and State 1099 descriptions are described together in the links below.

1099 Processing:

• Create 1099 File
  
• Update 1099 File
  
• Update 1099 Detail File
  
• 1099 Summary
  
• 1099 Misc. Replacement
  
• Print 1099s
  
• Creating State 1099 File
  
• Updating State 1099 File
  
• State 1099 Summary Report
  
• State 1099 Misc Replacement Report
  
• Print State 1099s
  
• Owner 1099 Reconciliation Report
  
• Owner 1099 Reconciliation Report for 2008 and Earlier
  
• Magnetic Media 1099s
  
• State Magnetic Media 1099 File
  
• Upload 1099 Data To SherWare
  

Create File - Builds the federal or state 1099 file for your owners.
Update File - Allows you to edit, add or delete an individual's 1099.
Update 1099 Detail File - Allows you to edit an individual's 1099 detail on a well by well basis.
Summary - A summary report of all of the 1099 records created.
Misc. Replacement - Allows you to print the federal/state 1099 form on blank paper. This can be used if filing electronically.
Print - Prints the federal/state 1099s on the pre-printed forms.
Owner 1099 Reconciliation Report - Useful as a reconciliation of the amounts on an individual's 1099.
Owner 1099 Reconciliation Report for 2008 and Older - View this report in place of the normal 1099 Reconciliation Report if viewing historical 1099s that were created in an older version (AM v5, DMIE v2, or DM v7) of SherWare.
Magnetic Media - Creates the electronic file that can be submitted to the IRS online.

You can specify whether the 1099s will be based on gross or net revenue on the Miscellaneous tab of the Preferences screen.

Owners will only receive a 1099 if they are marked to receive a 1099 on their Owner Information record on the Options tab.

The 1099s will be created for the owners from the owner history records. All royalty and override owner revenue will be reported in the royalty field. The Other field refers to the Non-Employee Compensation on the 1099 form, and is where working interest owners and vendors will have revenue reported. The vendor 1099s are calculated from the check register.

You should not build the 1099 file for the year until SherWare has verified the processing each year. If you build them before processing has been updated for the year, you will get a message warning you of this. We will update the processing every year as soon as the specifications for 1099s are released to the public.

SherWare can file your 1099s for you. If you are interested in this, contact support for current pricing and deadlines.