*Updated for 2017*
The end of the year is right around the corner and the Rent Manager® support team wants you to have access to the information, tips, and tricks that will make your year-end close straightforward and problem-free.
All 1099s are not created equal… there’s a definite difference between a Vendor 1099 and an Owner 1099!
For Vendor 1099s, Rent Manager totals the amount of the year’s checks written to each contractor designated as a 1099 vendor. For Owner 1099s, the program tallies the amount of the year’s income received for the property within the contract dates. The amount the owner was paid throughout the year is not considered in the 1099 total. Additionally, income received outside of the owner’s contract dates will not be included in the 1099 amount.
To verify Owner 1099 amounts and run an Owner 1099 Breakdown report (This is a great way to make sure everything is ship-shape before running your final 1099s):
- Go to Reports > Owners > Owner 1099 Breakdown.
- Select the appropriate Owners to include, Tax Year, and optionally, enable (check the box) Exclude values less than $600 as appropriate.
- Click Create Report.
The report will display each Owner and their contract start and end dates. Additionally, each property owned is displayed including the percentage of ownership. The total gross income for each property and the total for the owner are also displayed.
If you find errors in your Owner 1099 Breakdown report, correct the issues in Rent Manager and then verify that your changes have been made by running the report again.
Once everything looks good, you can then create your Owner 1099s by going to Reports > Owners > Owner 1099.