Generating 1099-NECs

MonkeyPod comes with the ability to generate 1099-NECs for your organization!

To make this work, MonkeyPod needs two things to happen first:

    1. MonkeyPod needs to know which vendors are 1099-NEC Eligible, which is a checkbox setting when editing a relationship with the vendor role
    2. Make sure to tell MonkeyPod which expense account(s) map to 1099-NEC Eligible payments

How do I mark a vendor 1099-NEC Eligible?

Marking a vendor 1099-NEC Eligible is easy! Just follow the steps below:

1. Make sure the entity you would like to generate the 1099-NEC for is marked as a Vendor

2. When you have verified this, select "Edit Details" for their record

Screenshot of vendor with Edit Details link highlighted in a dropdown menu to the left of the vendor's name

3. From here, make sure that you have entered a Tax ID Number as well as their W9

4. Lastly, check the "Non-employee contractor eligible to receive a 1099-NEC" box as shown below, and you have now made them 1099-NEC Eligible!

Screenshot of Non-employee contractor eligible to receive a 1099-NEC checkbox


How do I map an expense account to 1099-NEC Eligible payments?

To mark an expense account 1099-NEC Eligible, all you need to do is edit the expense account. Check out how to do that below!

1. Go to your chart of accounts

Screenshot of dropdown menu with Chart of Accounts link highlighted under the Accounting heading

2. Go to your expense accounts

Screenshot of Chart of Accounts page with the Expense tab, which is the rightmost tab, highlighted

3. Click on the account you would like to make 1099-NEC Eligible. In our example, we are going to make a Fees and Commissions: Playwright account 1099-NEC Eligible

Screenshot of Fees and Commissions: Playwright expense account

4. Click the three dots and hit "Edit"

Screenshot of expense account with Edit highlighted in the dropdown menu next to the name of the account

5. Scroll to the bottom and mark the account as "1099-NEC: Box 1 (Non-Employee Compensation)"

Screenshot of Tax / IRS Reporting section with 1099-NEC: Box 1 (Non-Employee Compensation) radio button selected


How do I run my 1099-NECs?

To run your 1099-NECs, go to "REPORTS" and select "1099-NECs".

Screenshot of Reports menu with 1099-NECs highlighted under the Financial / Accounting heading

Be sure to read all information and check with your accountant!

When you are ready, select the year and then Select "Export 1099-NEC Data".

Screenshot of 1099-NEC Preview section with Change Year dropdown in the upper right and EXPORT 1099 NEC DATA button in the bottom left

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