Confused about how to run the 1099 report in NetSuite? No worries! We will let you know the detailed process of how to run the 1099 report in NetSuite.
The 1099 report generally allows you to keep the record of a certain entity or a person who paid you or gave you a certain amount except your employer. It offers multiple advantages like keeping track of the records, etc.
This article will guide you to run the 1099 report in NetSuite.
This blog will cover the following topics:
- What is the 1099 Report?
- Why Run 1099 Report in NetSuite
- How to Run the 1099 Report in NetSuite?
Let’s start the blog!
What is the 1099 Report?
This report refers to an information return and is usually a document sent by a certain entity that paid you certain types of income during the tax year. If we specify the 1099 report to NetSuite, then it doesn’t provide the 1099 MISC form. However, you can view the vendor payments to third parties.
Why Run 1099 Report in NetSuite
The major advantage of running the 1099 report in NetSuite is that it allows you to keep track/record the payments linked to the contractors and the vendors. Even though NetSuite doesn’t directly support the 1099 report still you can use the saved searches for this purpose.
How to Run the 1099 Report in NetSuite?
You are allowed to export the vendor payments to third parties using the saved search in NetSuite. Let us divide the process into two main parts which are to set up the vendor eligible for the 1099 form and use the saved searches of 1099.
Step 1: Set up the Vendor Eligible to Generate Report 1099
1. In the first step, you need to set up the vendor.
2. To set up the vendor navigate to Lists then Relationships then Vendor.
3. Now, you need to Edit the selected vendor to make it eligible.
4. Click on the Financial sub-tab in the vendor record then in the Tax information click on the 1099 eligible box.
5. You can save the settings through the Save button.
Step 2: Using the 1099 Saved Searches
1. In the next step, first, navigate to Customization then Suite Bundles.
2. From there click on Search and Install Bundles.
3. Search for the 1099 Vendor Payment Report click on the specified bundle for your third-party and start installing it by clicking on Install.
4. Once the saved search is completely installed navigate to Reports then Saved Searches then Vendor Payment Report with Vendor name and then Edit.
5. You can edit the saved searches as per your need and then export them to an Excel file or a CSV file.
This sums up the discussion on how to run a 1099 report in NetSuite.
Conclusion
Now you have the clarity of how you can run a 1099 report in NetSuite. To do so, you need to set up the vendor eligible and use the 1099 saved searches. In this article, we discussed the need to generate a 1099 report along with the method to generate the 1099 report.
