1099 forms are used in the United States to report the amount of purchases from your US vendors.
The Contract Payment Reporting System (CPRS) is a Canadian tax reporting system designed for reporting payments made to Canadian construction subcontractors.
Select the Use 1099/CPRS Reporting option on the Transactions tab of the A/P Options screen.
To add a 1099/CPRS code:
- Accounts Payable > A/P Setup > 1099/CPRS Codes.
- Enter a code in the 1099/CPRS Code field, and then enter information in the remaining fields:
- 1099/CPRS Code Description. Enter a description of the code.
- Tax Reporting Type. Specify whether the code is for reporting 1099 or CPRS amounts.
- Amount Type. If you select 1099 as the tax reporting type, you must also specify an amount type (such as Rents or Nonemployee Compensation).
Amounts of a certain type may need to be reported in different boxes, or even on different forms, from one year to another. When you print 1099/1096 forms, the amount type for each 1099 code is used together with the form type and year for which you are reporting to determine where to print amounts.
- Minimum Amount to Report. Enter the lowest amount you are required to report for each code. Only vendors with a total 1099 amount equal to or greater than this amount are included in the electronic 1099 file or on printed 1099 forms.
- Click Save.
Verify that the codes are correct and complete, and then file the report.