Verifying T5018 balances

Using one of two methods, you can verify your T5018 balance at calendar year prior to processing 1099 forms:

• Verify the 1099 balance for each vendor using 4-4 Vendors (Accounts Payable) > Options > T5018 Balances. Verify the T5018 balance and type assigned to each vendor. As a precaution, it is a good idea to confirm each vendor’s 1099 balances with the vendor. Print and mail to each vendor an individual journal detailing the payments you have made to that vendor over the calendar year.
• Print a 4-1-5 Vendor Payment Journal, which consists of the total payments to vendors over the course of the year, and compare it to the T5018 Balances report. If a discrepancy exists, make corrections using the T5018 Balance Startup and Adjustment window for the appropriate vendor record.