Okay guys,
I have a question. One that I have seen previously on the forum that never got answered. Don't let that dismay you though. Please keep reading!
At year end, one of our clients wanted to print a 1099-R for a vendor. Needless to say, we quickly discovered this was not possible. I have been researching setting the vendor up as an employee so that we can print the 1099-R's for them next year.
What I have so far is that we need to set up a Pension paycode, and assign that to the employee. Once we make the transactions, the 1099-R will appear when we close payroll. I cannot use the Transaction Entry window to apply the pension. I keep getting an error that says it is not possible.
So the only option I have left is Manual Checks which I have limited knowledge of. My understanding is that whenever you enter a manual check, it does not print and is just posted. As of right now, they print checks to the vendor as a payable, and they will still need to print checks. To do both would create a imbalance in the accounts. Is it possible to set up the vendor as an employee, and use manual checks so that we can print a 1099-R's at year end without creating an imbalance?