Update 1099 File

The information stored here directly affects the actual 1099. These are the raw numbers calculated when the 1099s were created. You can view and edit the records here after the 1099 file is created.

New records can be added for recipients managed outside of SherWare so that you can file all 1099s with the same processes.

If the records on this window are edited, the changes will be lost if the 1099s are re-created.

Any changes made on this window will affect the basic 1099 file but not the 1099 Detail or the State 1099 files. Therefore, you will need reproduce the same changes on both the "Update 1099 Detail File" and "Update State 1099" windows if you will be using the state 1099 or reconciliation report.

NAVIGATION: When browsing between records, be sure to use the lookup list in the toolbar. Changing the owner in the ID field will not take you to a different record but will assign the visible interest to the owner you select. This is changing the information on the current record instead of navigating to a different one. Be sure to use the navigational tools provided in the toolbar to prevent mistakes.

Filter by Year
Only records for the selected year will show up on the window.

Corrected Return
Mark this when making a change to this window that needs to report as a correction. Generally that means this will always be left unmarked, unless you are re-filing the information. have When marked, an "X" will appear in the "CORRECTED" box at the top of the 1099 form.

Wrong TIN or Address
This only appears of the "Corrected Return" option is marked. When filing your corrections electronically it will reference this as the reason this correction is needed.

Wrong Amounts
This only appears of the "Corrected Return" option is marked. When filing your corrections electronically it will reference this as the reason this correction is needed.

Year
The year this 1099 record is for.

ID
The ID for the owner/vendor. This can be left blank if manually creating a record. This will print on the 1099 in the "Account Number" box.

Name/Name 2
The name of the entity receiving the 1099. If the name is longer than what fits in the first line or they have a second name that needs used as well then the Name 2 Field can be used. This
information will print on the 1099 in the Recipients name box.

Type
Specifies if this 1099 record is for an owner or a vendor. This does not affect the actual 1099.

Program
The program associated interest that this 1099 record is for. This is often blank. If a program is specified then the program would have been setup in SherWare on the program/partnership information window, and then associated with the interest on the Division of Interest window. This will not show up on the 1099.

Net or Gross
Indicates if this 1099 record is based on gross or net revenue. The actual 1099 will not indicate whether they were built on net or gross.

Address/City/State/Zip
The address for the entity this 1099 record is for. This will appear on the 1099 in the "Street Address" and "City, state, and Zip code" boxes.

Tax ID
The tax ID for the entity this 1099 is for. This will appear on the 1099 as the "Recipient's identification number".

Country
The country for foreign addresses. The two digit country codes can be found on the IRS website by searching for the "Foreign Country Code Listing for Modernized e-File (MeF)". It is assumed the address is in the U.S. if it is left blank.

Royalties
The amount paid to both Override and Royalty Interest owners will be reported in this box.

Non Employee Compensation
The amount paid to both Working Interest owners and vendors will be reported in this box.

Pmts to Attorney
SherWare will not report anything in this field automatically. If you need to report an amount in this field you can manually add it here so that it will report on the 1099.

Federal Tax Withheld
Any amounts charged to an owner from the backup withholding specified on the options tab of the owner information window will be reported in this box.

Rents
Payments made from the Land Module for delay rental payments will be reported in this field. Any amounts posted to an account marked as a "1099 Rental Account" will also be reported in this box.

Other
SherWare will not report anything in this field. If you need to report an amount in this field you can manually add it here so that it will report on the 1099.

State
The state associated with any State Income or State Withholding that will report in box 17.

State Tax Withheld
Any amounts charged to an owner from the tax withholding specified on the division of interest window will be reported in box 16.

State Income
The State Income that will print in box 18 for the corresponding state.

State Payer No
The state assigned payer number that will report in box 17.

Well ID
The ID for the Well this 1099 record is for. This will only be filled out if building the 1099s by well.

Well Name
The name of the Well this 1099 record is for. This will only be filled out if building the 1099s by well. When printing the 1099s by well this will report as the Payer's name

Well Tax ID
The Tax ID of the Well this 1099 record is for. This will only be filled out if building the 1099s by well. When printing the 1099s by well this will report as the "Payer's federal identification number".

Changed By/When
Allows you to see if anyone has made any changes to this record since it was created. These fields will initially be blank. They will be updated if the record is saved. This only tracks the last change.