The home screen may be accessed by going to Reports => Custom => 1099 Reporting. The following buttons will be available:
- Generate Data: This button will generate the qualified tax records for a given Year and Subsidiary. Populate the filters “Tax Year” and “Subsidiary” before generating data. The generating data process can take upwards of 10 minutes depending on the amount of 1099 Vendors and Transactions you have in NetSuite. Once this process is kicked off, you can use the “Apply Filters” button to refresh the screen and see the records start to populate. Note: Clicking the Generate New Data button removes previously generated data for the associated tax year and subsidiary.
- Proceed to Export Options: This will take you to the export screen which allows you to exports your list to excel, send 1099 emails, eFile, and Print/Mail.
- Apply Filters: There are two filters on the home screen, Tax Year and Subsidiary. Use the filters to show the 1099 data that has been generated.
- Purchase Software: See the section purchasing the software.
Criteria for data
The system uses the following criteria to identify vendors and transaction amounts that qualify for a 1099:
- Vendor must be flagged as 1099 Eligible. This is a field on the vendor record.
- Expense accounts for the vendor must have a 1099 category selected. This is a field on the account record.
- Only Vendor Payments and Checks are considered when calculating the amounts actually paid to a vendor.
Data that has been generated can be in-line edited. These changes are saved to the 1099 records, but not to the vendor or transaction records.
The “Exports Options” screen is used to extract the 1099 data in the following ways:
- Export to CSV: When clicked, all selected 1099 records will be put into an CSV record and emailed to the current user.
- Email 1099 To Vendors: When clicked, all selected 1099 records will be individually emailed to the associated vendor. A 1099 template is used and filled in with the payer, payee, and financial data and attached to the email.
- eFile: When clicked, all selected 1099 records are sent to Emerson Winchester to be eFiled with the IRS. You will receive a notification of acceptance by the IRS within 2-3 business days of submission.
- Print/Mail: When clicked, all selected 1099 records are sent to Emerson Winchester to be Printed and Mailed to the associated vendors.
Please note that because of the delay and the time it takes to print and efile, that unless your submission is received no later than 11:59 PM MST on January 25th, the filing may not be completed before the IRS deadline of January 31.