Product Update 401: 1099 tax information added to XML schema (American legislation)

The 1099 tax information is used by employers, lenders, and others to report income that is not a part of the wages or salaries. It is specifically tailored to report the essential information of a particular type of income. The 1099 tax form is received by the individual whose income is reported and the information provided in the form is used to complete the individual tax return. The 1099 tax reporting functionality has been supported since release 362. For more information, see Release 362: US Tax Legislation "1099 Tax Reporting".

In this product update, the 1099 tax information will be incorporated into the XML import and export functionality. It is now possible to import and export information from accounts payable, financial entries, or financial transactions with the 1099 tax information pertaining to purchase invoices.