- Before All Associate process: It is critical that you print the Associate 1099 report and complete the End of Year update in WinMORE.
- Before Transmitting December data: Any change you make will prompt WinMORE to require you to run the End of Year update again prior to transmitting
- After Transmitting December data: WinMORE will prompt you again in January (after you transmit December data) to run the End of Year update. If you made updates to 1099 information in WinMORE prior to transmittal, be sure to uncheck the box regarding adjustments to ensure your updates are preserved.
Step 1: Print the Year End – Associate T4A/1099 Proof Report
Print the Year End – Associate T4A/1099 Proof Report and make all corrections in the Associate records before proceeding.
It is critical that this report be error free before moving on to the next steps.
Common Error Messages for the Agent T4A/1099 Proof Report are:
|The associate individual name appears to be a company name||In Enter – Associates correct the First and Last Name to match the name on their Social Security Card.|
|The associate individual first name is required.||In Enter – Associates enter the First Name to match the first name on their Social Security Card.|
Step 2: Year End – EOY Update
Before completing the update, the system will check for missing information with co-brokers or outside brokers. This information must be corrected before you can complete the end of year update.
1. In WinMORE, click on Year End and select End of Year Update. Enter the relevant tax year; for example, if you are in January 2023, make sure that the Calendar Tax Year reads 2022 as 2022 is the tax year you are issuing 1099s for. Check “erase adj/other commission amounts” to clear out all the previous year adjustments (recommended). Click “Start.”
2. If you receive a report of missing or invalid information, you must correct this (using the Enter menu and selecting Co-Broker or Outside Broker) before completing the End of Year Update. If only the column headers print, everything is correct and there are no errors.
The most common error is when a dash is used in the Broker TIN field. If you see, for example, 87-2345231 on the report, open the Outside or Co-Broker record and delete the dash (-) to save it as 872345231 without the dash. Now complete the End of Year Update. Make sure you see “Process Completed.”
NOTE: The Year End – End Of Year Update “Erase all Adj/Other Commission amounts”, when checked, deletes all Adjustments made in the Edit Recipients records. You should only do this the first time you run this report for the current year-end processes—otherwise you will be erasing adjustments made for the current year.