▬ Account Numbers ▬
Why is it important to add 'Account Numbers' to a form?
In the case of the Issuer having multiple accounts for a recipient taht require more than one informaiton return of the same type, the IRS highly reccomends the Issuer to a unique sequence number in each recipients' account number field.
These unique account numbers will make sure that if a correction is needed in the future, the IRS can identify which account the recipeint was associated with. It will also help reduce future errors and make the recipient easily identifiable within your files.
Inserting Account Numbers to a File:
1099 Express will auto-populate a unique sequence number in each recipient's account number field upon saving your file if an account number was not added previously.
Alternatively, click the 'Edit' tab in the top left of the 1099 Express grid, and select 'Imsert Account Numbers' to fill out each recipient's account with a unique number. If the Issuer already has account numbers for each recipient, it may be added upon entry.
Please Note:
Actual account numbers may be typed manually or imported if they are available. It is not necessary to use actual account numbers, however, the account number must be a unique number for each form.
Never use a Social Security number in the account number field. The maximum length of the account number field is 20 alpha or numerical characters.