As per the IRS, the 1099 form must be issued to Vendors for amounts of $600 or greater. Somebody recently reported that the 1099s were not being produced for Vendors with amounts which were exactly $600.
By default, the minimum amount for 1099’s is set to be $600 (Microsoft Dynamics GP menu >> Tools >> Setup >> Purchasing >> Payables >> 1099 Setup button)
As per the documentation this is the “minimum amount to report on the selected type of 1099 statement.” So my guess was that vendors with amounts exactly $600 and greater would be reported in the 1099 Lists. I checked and in V9, this was the case. However, this seems to have changed in V10. V10 does not pick up Vendors with amounts exactly $600 in the edit list, if the minimum amount is set to be $600.
The solution that I figured out was to set the Minimum amount to be $599.99. This ensured that the vendors with 1099 amount $600 were reported.
Have any of you noticed this change?