Purchase Card Invoice not included in 1099 amount
- Knowledge Assistant
Owned by Knowledge Assistant
Description of Issue
Purchase Card Invoice did not flag as a 1099 amount
Context
Munis
Accounts Payable
Cause
The invoice is a PCARD Invoice. Invoices marked as a payment method of PCARD-PAID are not invoiced paid directly to a vendor. These invoices are considered a liability.
Resolution
PCARD transactions are not included in the 1099 detail and cannot be added. The bank pays the vendor, and per the IRS, the bank or merchant acquiring entity is responsible for issuing a Form 1099-K to the payee.
Additional Information