Vendor 1099's

[cgilman]

I have a contractor client who routinely withholds workmans comp insurance from payments to vendors (these vendors are ones who don't carry their own wc insurance). We create a split payment to record 1) the gross amount due the vendor and 2) the negative amount representing workmans comp insurance withheld. The result is a net check for the correct amount.

The problem: the 1099 report shows this net amount as the payment amount. What's the most efficient way to record this transaction and have the 1099 show the GROSS amount as the payment to the vendor?

Thanks in advance,

Chris

[Baytek]

The newest version of Peachtree Complete Accounting for Windows takes care of what payments should be posted for 1099 purposes.

For more information, email support@baytek.com.