Accounts Payable Q&A: Selecting 1099 Info without a Federal ID #

July 2020    Tags: 1099s, Accounts Payable

When adding new Vendors, sometimes we don’t have the Federal ID # right away but still want to select which box is used for 1099 information. Is there any way to select the 1099 box without entering the Federal ID for the vendor?

The Federal ID field requires a value in order to specify 1099 information. However, you can enter a placeholder value for the Federal ID, and then come back later when you have the actual number.

We recommend adding a value of “REQUESTED” into the Federal ID field; however, any value will work. Once you have received the Federal ID from the vendor, you can return to the vendor record and update the Federal ID field. If you do not receive the Federal ID by the time you generate 1099s, you may want to remove the placeholder value, as duplicate Federal IDs will create inaccurate 1099 information.