Download a NetSuite 1099 Saved Search

This article is relevant if you are seeking to produce 1099 reports in NetSuite and you see better detail information.

Background

NetSuite offers a 1099 report service.   A couple of clients had some questions about where it gets its data.   Usually these questions are asked when the numbers do not appear correct.  In order to get 1099 reporting to work right, it is important for the following to be setup correctly in your NetSuite configuration:

  1. Your chart of accounts need to have specific 1099 MISC categories defined.
  2. You flag your vendors to be 1099 eligible.
  3. You process transactions according to traditional practices which utilize a vendor bill and an associated bill payment.
Often times, structures may not be properly setup to allow easy 1099 reporting and are not discovered until you try to process 1099s.  This takes some time to diagnose and is specific to the situation.  Assuming however that the basics were setup, there is no easy way to get the detail under the 1099 form processor.  As such I created a Saved Search with supporting drill down that will give you the basic summary amounts to report in a third party 1099 software reporting system.  It can also be used to help you check how NetSuite calculated 1099s.
Note, you may want to read NetSuite: How to Meet 1099 Reporting Deadline in 5 Steps on the basics for 1099 processing.

Foreign Currency Amounts

For one of our clients, we noticed an issue in the NetSuite’s package for 1099 reporting. ¬†This client was paying vendors in foreign currency. ¬†It appears that the 1099 reporting system was not working with the local currency units and commingled both local and foreign currency units producing incorrect 1099 summary information. ¬†We ultimately solved it by delivering the saved search. ¬†I suspect this will get solved in due course with NetSuite Support.

Download and Install NetSuite SuiteBundle

To help you quickly get to this report, I have made it available as a SuiteBundle to download into your account.  Look for SuiteBundle #67456.   I have also provided the screen shot of the basic Transaction Saved Search Criteria and Results to help you craft the search yourself.    Click on each image to see larger view.  Your account may need some refinements to get the right results.

Get Help with your NetSuite Account

NetSuite is a powerful platform.  This article helps illustrate Saved Search and how it can assist in your accounting work.  Contact us if you are looking to get more out of your NetSuite system.
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Marty Zigman

Holding all three official certifications, Marty is Southern California's NetSuite expert and leads a team of senior professionals at Prolecto Resources, Inc. He is a former Deloitte & Touche CPA and has held CTO roles. For over 25 years, Marty has produced leadership in ERP, CRM and eCommerce business systems. Contact Marty to set up a conversation.

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| Tags: , , | Category: Accounting, NetSuite, Reporting | 7 Comments

7 Comments

  1. Michael Klecka
    Posted January 26, 2015 at 2:00 pm | Permalink

    Hello Marty,

    I was curious regarding your solution and wanted to compare it to something similar I have in place. Your solution does not have the correct sign when an accrued amount is involved.

    You may want to check if the Account Type is ‘Other Current Liability’ and change the sign. I.e., DECODE({accounttype}, ‘Other Current Liability’, -{amount}, {amount})

    We are a multi-country/currency company, which has offered some interesting challenges.

  2. Posted January 26, 2015 at 6:52 pm | Permalink

    Michael,

    This is a very good suggestion. Thank you. In some respects, we should make this Decode work with any type of liability, right?

    I wrote an article about all the different polarity challenges in the NetSuite environment here:
    http://blog.prolecto.com/2013/03/14/the-pluses-and-minuses-of-netsuite-financial-statement-polarity/

    Marty

  3. Shaylee Olson
    Posted January 12, 2017 at 2:51 pm | Permalink

    I have been working on creating an accurate 1099 saved search. I am noticing that the problems I have run into would be a problem with this saved search as well.
    The solution above doesn’t take in consideration partial payments, nor checks. If there is a partial payment on a bill, the bill is not marked as closed – thus the available filter for the date excludes the payment. Also, checks don’t have a “date closed” in NetSuite, so if any payment is made with a check it is also excluded due to the available filter.
    Have you noticed any of these during your testing of the saved search results?

  4. Posted January 16, 2017 at 4:50 pm | Permalink

    Hello Shaylee,

    Interesting challenge. The search effectively is keying on the Account : 1099-MISC Category. This would show up in the obligation side of the transaction (e.g, Vendor Bill) which generally is going to be line oriented. The payments for the obligation transactions target its header. In a complex obligation transaction, we may have lines that have 1099 applicability and others that don’t. Thus there is a disconnect between how a payment would apply.

    To solve for this would require additional testing as we may be able to link out to the payments side of the transaction with data criteria. But it won’t be reliable due to the allocation challenge. Does your use case have partials that also have vendor bills with a mix of 1099-MISC Categories and Non-1099-MISC Categories? We may be able to use the Content Renderer Engine to feed in multiple searches if we can make assumptions how to allocate the payment streams.

    Marty

  5. Nicole
    Posted February 10, 2017 at 8:57 am | Permalink

    I was looking at your saved search and it put all the boxes in one column (ex: box 2, box 7, etc. are all in the same column). This then makes it so that each vendor could have more than one line on the saved search, if they have data in more than one box. How do you create the file for electronic filing with the IRS?

  6. Posted February 10, 2017 at 9:16 am | Permalink

    Hi Nicole,

    I recommend you take the search, download it to Excel, and Pivot it so that you can put the Vendor Names on the left and the Boxes on the Top.

    Marty

  7. Josh Levin
    Posted March 28, 2017 at 4:32 am | Permalink

    Great report!

    1. Is there a way to pull in the threshold column and excluded payment columns?

    2. How can I eliminate “write off’s”? They post like a regular closed bill.

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