1099 Module > 1099 INT

1099 – INT’s are used to report interest that was paid to another party. In Pak Accounting there are three different ways to extract 1099-INT’s. If none of these options have been setup to be utilized in the current year, the information can still be manually entered in menu item #30 Payee Maintenance.

Extract Options:

Option #1 - #14 Extract G/L 1099-INT (common option)

This extract gives the ability to extract 1099-INT information from the G/L Posted Detail. It requires INT to be posted to a specific journal and account number. The Journal and Account range which your GL transactions are coded to must be entered in. It can not be left wide open.

Option #2 - #15 Extract G/L 1099-INT to Billing (rarely used option)

This is a very specialized feature that only should be used after consulting your Customer Success Team. Using this feature, the G/L stores the information at the Sub-Account level by property. The extract creates entries by owner by creating a distribution based on that property’s DOI. This specific extract method was setup for clients who have plugging funds created by withholding a small percentage of revenue and they are required to accrue interest in the fund. Print substitute 1099-INT is a type of settlement statement specific to the “Extract GL 1099-INT to Billing”. This option will only appear if the switch in Revenue Billing, Company, Partnerships Tab, Fund Deducts, Pct Deduct of Net Option is set to “P – Deduct by Property”. (see Fund Deducts) The Journal and Account range which your GL transactions are coded to must be keyed in. It can not be left wide open.

NOTE: when setting up this option for the first time, you will need to close out of Pak Accounting and log back in.

Option #3 - #16 Rev 1099-INT (most common option)

This procedure will extract 1099-INT information from the Check History in Revenue. It requires a Dividend distribution method where the Check Stub product code is INT. If the Check Stub product code INT is not set up, this menu item is not available. (see Interest Setup for Check Stub)

#30 Payee Maintenance 1099-INT (Under “1099-INT”)

The data will populate from one of the three 1099-INT extract options, if the set up has been done properly and an extract has been performed. If the funds were distributed without use on the INT product code and the user is unable to pull the information from the General Ledger extract they will need to manually enter the 1099-INT information.

Box 7 – unsupported.

Boxes 12 & 13 - new this year.

The system has the option to include the FACTCA Filing Requirement. If needed this box will need to be manually checked. Otherwise, the default for this option this unchecked. Checking the box will populate the FATCA Filing Requirement from the field for the plain paper forms and the transmittal file.

# 31 Error Listing 1099-INT (Under 1099-INT)

Like the 1099-MISC/NEC the 1099-INT error listing menu item allows for two different functions. There is an option to “Extract for TIN Matching” to create the e-file to be uploaded to the IRS. See TIN Matching for further detail. The second option occurs when “Printer”, “File”, or “View” are clicked on, and it creates a summary page and alerts the user of any errors.

#32 Print Form 1099-INT (under 1099-INT)

When printing the 1099-INT, the user will be able to print either the original, corrected, or transmitted 1099-INT"s. Print the 1099's on plain paper or pre-printed forms. Pre-printed forms will give your 1099's a professional look. Printing on plain paper allows you to choose to print Copy B and/or C. NOTE: Tax ID's will not be completely printed on the plain paper forms when Mask SSN box is checked.

The corrected 1099 switch is manually selected in Payee Maintenance by the user. Once the corrected 1099-INT’s have been selected for Transmittal and the export file has been created, the system will automatically change the 1099's from “Corrected” to “Transmitted”.

The PakEnergy Accounting Forms department can help you with anything you need. Contact our Forms Department today!

# 33 Print Form 1096-INT (under 1099-INT)

Print Form 1096 for 1099-INT. If this is the final return (the last return that will be submitted for the company), check the corresponding box. Print the 1096 for the IRS on a pre-printed form (required). Print an office copy of the 1096 on plain paper or save to file.

#34 Print Substitute 1099-INT

This option will provide the ability to print a listing of the detail that makes up the dollar amount being reported to the IRS.

# 35 Export 1099-INT Transmittal.

If the file being created is a test file, check the corresponding box for test file. Click the "OK" button at the bottom of the screen to create the file. Take note of the file destination. Click on the "View Log" button to view a summary of the export and its totals. Print or save to file.