If you have 1099 vendors, here is how to setup, process, report and make corrections related to 1099 in NAV
SETUP THE VENDORS
Go to your vendor card(s) and fill in the IRS 1099 Code for the vendor on the Payments fast tab.
It happens all the time, you didn’t realize a customer was a 1099 vendor, or their vendor card wasn’t set up properly from the beginning; fortunately, it is fairly simple to correct and print a 1099 tax form in Dynamics NAV. This video provides an overview on correcting and printing 1099 tax forms in Dynamics NAV.
For the reporting year 2016, minor adjustments have been made to the Vendor 1099 Information reports in Dynamics NAV. The only change identified is the addition of a field for reporting of Bond Premium in Treasury Obligations on the Form 1099-INT report. No changes have been identified on Form 1099-MISC and Form 1099-DIV.