Steps: Perform 1042-S Reporting
- Create spend categories and spend category hierarchies for mapping to 1042-S income codes.
- Configure account posting rules for ledger accounts that map to spend categories and spend category hierarchies for 1042-S spend and withholding.
Define 1042-S tax income codes for the spend and withholding your
organization reports to the IRS for 1042-S payees.
- 1042-S Spend
- 1042-S Fed Withholding
- 1042-S State Withholding
- You can define 1042-S income codes and map them to spend categories or spend category hierarchies.
- Designate 1042-S payees for your organization.For suppliers, investors, and ad hoc payees.For contingent workers.