1099 Module > 1099-S

1099-S Information

The 1099-S is used to report proceeds from real estate transactions. Like the 1099-R we do not have a way of extracting this information from the General Ledger. However, you can input the information via the Payee Maintenance. Currently, the only option for the 1099-S is to create a transmittal file. There are not any print options available or error listings.

1099-S Process

1. Manually enter the proceeds from real estate transactions in to payee maintenance.

A. Click Add - and enter in the necessary information.

B. Click Save and click Add to enter in the next record.

2. Export the 1099-S file. Check the corresponding box if the file created is a test file to be uploaded to the IRS FIRE System.Take note of the destination file. Click on the "View Log" button to view a summary of the export and its totals. Print or save to file.