How to Use the Import Data File Tool to Bring Over 1099 Balances
31 steps
|
3 minutes
1
Navigate to Brokerage Engine.
2
Click the "Accounting" tab to navigate to the BE Accounting module.
3
Click the "Quick Actions" menu.
4
Click the "Journal Entry" option.
5
A new Journal Entry will display.
6
Click the "Import Data File" button.
7
The prompt window will display the option to "Import From CSV"
8
Click "Download Import template"
A CSV file named "import-journal-entry-template" will automatically save on your "Downloads" folder.
Create the Import Journal Entry Template
9
The file will have the format below. Follow this template to import the information to BE Accounting.
10
In the column named "Post_Date (Journal Date)" fill out all cells with the Journal Entry Date. This should be the Accounting Cutover date.
If the Journal Entry contains 16 lines, the 'Post Date' value must be copied to all 16 rows."
11
In the column named "Expense_Account_Code (Account)" enter the Account Number being tracked for 1099 purposes, as shown in the Chart of Accounts.
The Account Number can be associated with any type of account that can be tracked for 1099 purposes; it is not limited to Expense type or detail types.
12
If using an Expense Account type for tracking, enter the total 1099 Balance amount for the Vendor in the 'Debits' column.
A **Normal Balance** means the side (Debit or Credit) where **increases** are recorded for that account type:\ \ **Account Type --> Normal Balance**\ Assets --> Debit\ Expenses --> Debit\ Liabilities --> Credit\ \ To **reduce** the balance of an account, apply an entry on the side opposite its normal balance.
13
In the column named "Description" fill out the cells with the desired text. Descriptions can be added on a per-line basis.
14
In the column named "Merchant (Name)" enter the Display Name of the Vendor as it appears on the Vendor profile. The name should include any Name Type Suffixes (e.g., the "(V)" after the name of the Agent).
15
In Cell "K2" under the column named "Doc_Number" fill out the desired reference number for the "Journal No. field.
16
To offset the increase in the Expense Account tied to the Vendor profile, the next line in the import journal entry template should credit the same Expense Account. This ensures the account balance remains unchanged by the 1099 balances journal entry, as the transaction is already accounted for when the account balances are brought over. This journal entry is solely used to record the 1099 amounts for the agent.
Once all the desired information has been entered into the template, it can be saved. If any information is missing, it can be added later on the Journal Entry screen after the file is uploaded.
Upload the Data File
17
Back in the BE Accounting screen, click the "Import Data File" button.
18
Click the "Browse" button and locate the file.
19
Click "Upload"
20
The Journal Entry will populate with the information on the template.
21
Click "Save"
22
Click "OK"
Run the 1099 Report
23
Click the "Reports" tab.
24
Click the "Accountant Reporting" section.
25
Click "1099 Transaction Detail Report"
26
Adjust the date range and click the "Options" button.
27
Select "\[All\]" from the dropdown menu.
28
Select the Vendor using the dropdown menu.
29
Click "Close"
30
Click the "Generate" button.
31
The Amount added by the 1099 Balances Cutover Journal Entry will display.
