This blog content has been updated with 2020 year-end details. Click here to read the latest blog.
Are you prepared to meet upcoming year-end processing deadlines? As 2019 quickly comes to an end, it’s time to set up your EnterpriseOne systems and processes to meet and stay compliant with 1099 and US payroll reporting requirements.
For JD Edwards customers, most of the tasks can be performed using Accounts Payable, HCM (Payroll, Time and Labor) and Address Book systems, as well as applying current ESUs to account for any legislative or regulatory changes that occurred during the year.
Updated 1099 software is available for customers running E1 9.0, 9.1 and 9.2; JDE customers can leverage the Change Assistant tool to determine which ESU to install, as well as install multiple ESUs simultaneously.
Overview: Year-End Processing Tasks
The 1099 form is an income tax reporting form that has several variations including 1099-DIV (dividends & distributions), 1099-INT (interest income) and 1099-MISC (miscellaneous income). Some of the tasks related to 1099 processing include:
- Decide which method or combination of methods to use (A/P Ledger or G/L method)
- Prepare internal records
- Clear the work files from last year
- Review and update the AAIs
- W9 exception report
- Voucher 1099 info update
- Verify Supplier & Company Setup codes (P for individual, N for non-corporate entity)
- Verify all tax identification numbers, legal names
- Take latest 1099 ESUs and deploy into test environment first for testing before pushing it to PD
- Build and review the work files
- Print 1099 Registers and perform any adjustments if required
- Perform 1099 Reporting – Print forms (Pre-printed or BI publisher), Mailing & eFiling
1099 Documentation: https://docs.oracle.com/cd/E64610_01/EOAYP/toc.htm
Employers who have paid wages to and withheld taxes from US-based employees use W-2 and W-3 forms to report to employees, Social Security Administration and IRS. Some of the tasks related to US Payroll year-end processing include:
- Install the appropriate ESU
- Verify the payroll history
- Process rollovers
- Verify employee names & addresses
- Set up deductions, benefits & accruals (DBAs)
- Set up pay types for 1099 processing
- Print audit reports
- Generate electronic filing work files
US Payroll Documentation: https://docs.oracle.com/cd/E64610_01/EOAYU/toc.htm
To avoid penalties, companies should prepare and submit 1099 and W-2 information by these dates:
January 31, 2020 – Mail 1099 Copies to Recipients
February 28, 2020 – File 1099s with IRS
March 31, 2020 – eFile 1099s with IRS
*Note that companies with more than 250 forms of each type (1099s & W-2s) to file must file online in 2020. Also, there are no automatic extensions for 1099s or W-2s in 2020.
Smart Help for JD Edwards Year-End Processing
Ready to get started? Whether you need end-to-end or a la carte support with processing 1099s or year-end payroll, Smart Help resources are available to assist whenever needed for as long as needed through CNC, technical & functional support including ESU updates, 1099 print & eFile, configuration, setup and so much more.
Looking for help beyond year-end? Explore CE’s Smart Help Staff Aug+ to tap into more than 160 skills, resources, services & innovations here.
Year-End Processing Documentation (Release 9.2): https://docs.oracle.com/cd/E64610_01/nav/yearend.htm
Year-End ESUs (Doc 743162.1): http://bit.ly/10ECYmw
Smart Help for JD Edwards Year-End Processing: https://www.circularedge.com/smart-help-1099
Latest 9.2 Capabilities Whitepaper: http://www.circularedge.com/resources/jde-9-2-outline
Tap Into 160+ Resources Whenever/As Long As Needed (Staff Aug+): https://www.circularedge.com/services/smart-help/smart-help-staff-aug