New Features: Reports Tab and 1099 Reporting
Topic: How-to,New Features,Taxes,Videos | Comments (1)
In our latest product update, we added a new tab to the navigation menu to help you access the growing number of reports WorkingPoint offers. You’ll see the Balance Sheet, Income Statement and Cash Flow Statement conveniently located under Financial Reports; a link to the General Journal and Chart of Accounts (our Accounts List) under Bookkeeping Reports; and a new section: Tax Reports, featuring a link to our newest report, the 1099 report (see below for more). Now you can come to one place for all of your reporting needs.
We’ve also added links to common list views so you can quickly access information you view/print on a regular basis without any additional filtering or sorting – we’ve done all that for you. Check out the links to your AR/AP aging details, customer and vendor contacts lists, inventory stock status report and more.
The IRS requires businesses to file information returns to qualified companies and individuals by reporting the money you have paid them for qualifying events during a calendar year (January through December) using IRS Forms 1099 and 1096. The IRS uses these information returns to cross-check the payments you made to the companies and individuals with the income they reported.
Our new 1099 report helps take the work out of tracking payments made to 1099 eligible companies and individuals. We’ve made it super easy to flag companies and individuals and with one-click, run a 1099 report showing how much you’ve paid them so you know who to send a 1099 to.
Watch this 2 minute video on how to select a contact to be included on the 1099 report:
It really is that easy to track 1099 payments. And we’re not done helping you with taxes. We are hard at work building more time-saving tax tools to help make preparing your taxes easier and less stressful.