1099 Process Overview

The 1099 process entails collecting 1099 data from 1099-reportable, paid invoices for a specific year to send to the IRS via an XML file. Once data is accumulated, you can process 1099s. When you process 1099 data, you initiate the process in eFinancials. eFinancials creates an XML file that is then used by GEMM—another software package—to generate printed forms and an electronic file or magnetic media based on the XML file, which can be sent to the IRS. In addition, you can edit quarterly information in GEMM.