Say Goodbye to 1099 Headaches!

For our US customers, tax season often brings a unique set of challenges, especially when it comes to 1099 reporting for contractors and non-employed suppliers. We've heard your feedback loud and clear: the manual process of identifying 1099-applicable invoices and tracking spend can be a major drain on your time and resources.

That's why we're thrilled to announce powerful new functionality in Unimarket designed to make your 1099 reporting process effortless!

Gone are the days of manually reviewing every single invoice to determine its 1099 status. Our new features empower you to take control and streamline your workflow, ensuring accuracy and saving you countless hours.

How Our New 1099 Reporting Works:

We've built this functionality into our new Create Invoice screen, and the codes can be configured to match any integrated ERP system:

• Easy Activation & Pre-populated Income Types: Simply enable 1099 Reporting within your community, and all IRS income types (like Nonemployee Compensation - NC) will be automatically populated in a clear format.
• Default & Supplier-Level Overrides: Define a default 1099 reporting code for your organization, and easily override it at the individual supplier level when needed.
• Automated Invoice Tagging: With each invoice, the default 1099 Reporting code will be automatically populated, significantly reducing manual effort.
• Invoice-Specific Overrides: Need to adjust a specific invoice? No problem! You can easily override the 1099 code inside Create Invoice.
• Seamless Finance System Integration: All 1099 information is integrated directly back into your finance system (e.g., Banner) via our Outbound Invoice integration, ensuring a single source of truth.

Here is a sample of the Administration screen, where you can choose specific codes you want to use and exclude any that aren't relevant:

Within Create Invoice you can just use the default, select a different 1099 code, or even flag an Invoice as Not 1099 Reportable:

With this feature enabled, few invoices will require manual intervention from your Accounts Payable team, freeing up significant time. With our integration changes, data will be synchronized to your finance system. Generating required reports will be streamlined, quick and painless!

You can find more details on this functionality here.

For all our customers across the globe, we have some more exciting updates coming later this month, both in the Invoicing module and more generally across Unimarket. 

Stay tuned for more news soon!