1099-NEC question

I have read about the utility to move 1099-MISC data to the 1099-NEC boxes.

I have a few questions.

1. Can the utility be processed at any time?

2. Is it best to run the utility at year-end, after 2020 entries and before 2021?

3. If the utility is run in 2021, will it affect both 2020 and 2021 1099 data?

Just trying to determine the best practices for using this utility.

Any thoughts are greatly appreciated!

  • This is a utility intended to be run ONE time per company. It should be run after installing the NEC 1099 code changes on any of the following versions, but before entering any new 1099 data:
    6.0.9 and 6.0.10
    6.10.3 and 6.10.4
    6.20.0 and 6.20.1
    It should only be run if the user entered their year 2020 MISC data the same as the year 2019 MISC data.

    If the user has installed any of these versions and has been entering any NEC or MISC 1099 data, they should not use this utility. If the user is at a prior version than listed above, the utility should not be used. It is intended to be used with the releases listed above.

    We are currently making some minor changes to this utility that will be ready as a hot fix. I don’t have an estimate now for when the changes will be completed, except that they will be done by year end. We are modifying the utility as follows:
    1. Will now work for data from 2020 and greater. Originally this was only designed for 2020 data assuming that all users would run this before any 2021 data was entered.
    2. A prompt will be added to warn the user if the utility was already run for the current company.
    3. Will now move the MISC buckets in AP_OpenInvoice if there is a balance.

  • Hi SusanneN,

    Just checking to see if there are any updates in regards to the release date of the modified utility.  Thanks!

  • We plan to have the hot fix posted this Friday by end of the day.

  • KB 108088 is the download for the 1099 NEC utility that was released 12/14/2020.