1099 reporting and accounting periods

January 6, 2022


Q.┬áThis is the scenario: 12/23/21 AP has closed all its bookings for 2021 due to company holiday shutdown . Accounting Periods for 2021 are all closed, and anything that comes after it is booked in Jan-22 accounting period. We have paid supplier JOHN DOE a total of 50K as of 12/23/21. 12/27/21 An urgent wire for 15K is sent to JOHN DOE and he confirms that he received it on the same day. Because all booking are closed for 2021, when running my 1099 report, the amount showed is only…

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