Acumatica ERP – Year End Update for 2018

Acumatica has released the 2018 Year End Updates for Acumatica Cloud ERP in the form of customization packages.  The update includes changes for 1099 reporting in order to comply with the 2018 tax year regulations.  The customization packages may be downloaded from the Acumatica Portal.

Acumatica ERP Supported Versions

These updates support the Acumatica ERP versions in the listing that follows.

• 6.1x – Customization Package: Box7Parameter1099For61x17R2
• 2017 R2 – Customization Package: Box7Parameter1099For61x17R2
• 2018 R1 – Customization Package: Box7Parameter1099For18R1R2
• 2018 R2 – Customization Package: Box7Parameter1099For18R1R2
• All Builds require the updated 1099-MISC Report: AP653000

Accounts Payable 1099s

The customization packages add support for the new requirement to split out reporting Non-Employee Compensation (NEC) reported in Box 7 from all other boxes. The 1099 (AP653000) report and the Create E-File (AP507500) screen will contain options to print(process) for all boxes, only Box 7 or all boxes except for Box 7.

Note: Before applying any updates or customization packages, be sure to consulting your ERP provider and review the Acumatica provided instructions.

 

For additional information on the new 1099-Misc requirements please see IRS.org

IRS.org NEC Requirement

 

 

For assistance with Acumatica Period and Year End Closing procedures, please review our previous blog post.

Acumatica Period and Year End Closing