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This article applies to:

  • Product: ONESOURCE Trust Tax

Reviewing Transactions and Sales Details

Transaction and sales details can be reviewed at any time during the year to help minimize the amount of maintenance and review you need to complete during tax season.
To review transaction details:
  1. Open the account.
  2. Select the
    Transactions and Funds
     main topic then the
    Transaction Summary
     subtopic.
  3. Select the
    Transaction Detail
     link for a transaction you want to review. The Transaction Detail page displays.
  4. Review the transaction details. The transaction details to pay particular attention to depend on the type of information return reporting the transaction qualifies for. For example:
    • If the transaction qualifies for 1099 DIOB, 1099-R, 1099-Q or 5498 reporting, review the
      On 1099
       check box under the
      General Transaction Information
       collapsible section.
    • Depending on how your information reporting control processing options are set, the
      On 1099
       check box may be selected automatically for the transaction. If the check box is not selected but the transaction qualifies for 1099 DIOB, 1099-R, 1099-Q or 5498 reporting, you must select the
      On 1099
       check box to report the transaction on the 1099 or 5498 form.
    • If the transaction qualifies for 1099-DIV, 1099-INT or 1099-OID reporting, review the
      Registration Code
       field under the
      General Transaction Information
       collapsible section or in the grid under the 1099 DIOB Information collapsible section.
    • This field displays the registration code assigned to the transaction.
    • If the transaction qualifies for 1099Misc-R or 1099Misc-SP reporting, review the TAV tax code and transaction type code under the
      Trust Accounting System
       collapsible section.
    • Miscellaneous receipts must have a transaction type code of 330 (Cash Receipt). 1099Misc-SP transactions must have a transaction type code of 210 (Cash Disbursement).
    • The TAV tax codes identified in your information reporting controls also control whether the transaction is reported on Form 1099-MISC. For rents and royalties, the asset reporting the income must be set up in the
      Comprehensive Asset List
       register, and the
      Asset Type
       field in the register must be set to
      Mineral
      , or
      Rent or Royalty
       for the asset. Rent or royalty transactions must be posted to either tax code 15 (Rental Income) or 16 (Royalty Income).
    • For 1099-MISC transactions, the
      Revised TAV Tax Code
       field and the
      Revised F/T Tran Type
       field are used to change the TAV tax code and transaction type code. These fields are also located in the grid under the
      Transaction Summary
       collapsible section on the Transaction Summary page.
    • For 1099Misc-SP reporting purposes, the processing options in your information reporting controls determine the paid to or paid for information. You can view the paid-to or paid-for recipient information under the
      Paid For
       or
      Paid To
       collapsible section. If a paid-to recipient's information is changed and multiple paid-to records exist for the recipient, then the changes automatically update each paid-to record that has the same SSN or EIN.
    • For a transaction that is a 1099-Q earning from a qualified education program, ensure that the transaction is associated with a 1099-Q distribution if the 1099-Q recipient has multiple 1099-Q transactions.
    • For a 1099-R withholding transaction where 1099-R details are entered on the Transaction Detail page or where the 1099-R recipient has multiple 1099-R distributions, ensure that the withholding transaction is associated with a 1099-R distribution tax code. When multiple 1099-R distributions exist, the 1099-R withholdings and the employee contributions are automatically matched to a corresponding distribution transaction using the tax effective date. For the automatic match to occur there must be only one distribution transaction and the tax effective date must be an exact match.
    • For 1099-R reporting purposes, the processing options in your information reporting controls determine the paid to or paid for information.
  6. If you made changes, select
    Save
     before reviewing the next transaction.
To review sales details:
  1. Open the account.
  2. Select the
    Sales
     main topic. The
    Sales Summary
     subtopic is selected by default and the Sales Summary page displays.
  3. Select the
    Sale Detail
     link for the sale you want to review. The Sale Detail page displays.
  4. Review the sale details. Under the
    Sale Detail
     collapsible section, the information to pay particular attention to depends on the classification of the sale or whether the sale qualifies for 1099 or 1099-B reporting. For example:
    • If the sale qualifies for 1099-B reporting, review the
      On 1099-B
       check box.
    • Depending on how your information reporting control processing options are set, the
      On 1099-B
       check box may be selected automatically for the sale. If the check box is not automatically selected but the sale qualifies for 1099-B reporting, you must select the
      On 1099-B
       check box to report the sale on Form 1099-B.
    • If the sale is a sale of maturities, review the
      Maturities
       check box.
    • Depending how your information reporting control processing options are set, the
      Maturities
       check box may be selected automatically. If the check box is not automatically selected, you must select it to designate the sale as a sale of maturities.
    • If the sale qualifies for 1099 reporting, review the
      Registration Code
       field.
    • If the sale should be included on a 1099 but the registration code displayed in the
      Registration Code
       field is one that disqualifies it from being included on a 1099, then you must change the registration code to one that will include the sale on the 1099.
    • If the sale is a free delivery, review the
      Free Delivery
       check box.
    • A sale that is classified as a free delivery is not reported on Form 1099-B unless the
      Free Delivery
       check box is selected.
    • A distribution in kind sale is reported on Form 1099-R if the sale is associated with a 1099-R recipient or 1099-R distribution. You must enter the book value in the
      Book Value
       field under the
      Distribution-in-kind
       group box if the
      Distribution in kind
       check box and the
      Distribution-in-kind-use book value as distribution amount for accommodation statement on 1099-R
       Enhanced 1099 option are selected.
  8. If you made changes, select
    Save
     before reviewing the next sale.