Form 1099-MISC - Miscellaneous Income Statement

Important:

NetSuite does not support 1099–MISC forms. Instead, NetSuite provides customized saved searches to help you report 1099–MISC vendor payments to other providers, such as Yearli by Greatland, Sovos, and Track 1099.

Reporting 1099–MISC Vendor Payments to a Third-Party Provider

NetSuite provides customized saved searches to help you export 1099–MISC vendor payments to a third-party provider, such as Yearli by Greatland, Sovos, and Track1099. You can edit the saved search for your particular needs. For example, if you want to include payments made by checks in the saved search, you might need to replace the Date Closed field with the Date field.

View the Exporting 1099–MISC Information video.

Important:

You are responsible for the information that you report to the Internal Revenue Service (IRS). The saved search provided by NetSuite might not include all of the information that you need to report. Review the output of the saved search for accuracy before you export the data to a provider.

To set up a vendor as 1099 eligible:

Go to Lists > Relationships > Vendors.
Click Edit next to the vendor whose record you want to make eligible.

NetSuite reports the total you paid to these vendors. The total includes payments made by paying existing bills or by writing checks.
On the vendor record, click the Financial subtab.
Under Tax Information, check the 1099 Eligible box.
Click Save.

Note:

For information about associating 1099–MISC categories with expense accounts, see Vendor Records for 1099 Contractors.

To use the 1099 saved searches to report vendor payments:

Go to Customization > SuiteBundler > Search & Install Bundles
In the Keywords field, enter 1099 Vendor Payment Report.
Click the name of the bundle for your third-party provider, and then click Install.
Click Install Bundle.
After the saved search is installed, go to Reports > Saved Searches > 1099 Vendor Payment Report – Vendor Name > Edit.
Edit the search according to your needs.
Export the search to a CSV or Excel file.

Note:

The report includes all vendor payments. You might need to filter out vendors who do not meet the minimum payments thresholds set by the Internal Revenue Service. More detailed information about 1099–MISC reporting requirements can be found at www.irs.gov/uac/about-form-1099misc.

Reporting 1099–MISC Vendor Payments to a Third-Party Provider

To set up a vendor as 1099 eligible:

To use the 1099 saved searches to report vendor payments:

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