Year-End Close: Correct Information = Correct 1099s

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.

Whether you’re generating Vendor or Owner 1099s, the key to producing accurate tax forms at the end of the year is having accurate information in Rent Manager. Make sure that the data you’ve entered for each of your vendors, owners, and properties is correct and complete before you generate any 1099s (or other tax-related documents). Here’s how do you do it:

Vendor 1099s

  1. Go to Lists and select Vendors, and confirm that the following fields are populated and correct:
    Name
    Check Payee
    Vendor Address
    1099 SocSec # / Tax #;1099 Vendor box (This box must be checked to ensure accurate reporting)
    1099 Category (typically Nonemployee compensation)
  2. Then, go to Rental Info and select Properties, and confirm that the following fields are populated and correct:
    Property Name
    Property Address
    Property Tax ID

Owner 1099s

  1. Go to Ownersand make sure the following fields are populated and correct:
    Name
    Check Payee
    Owner Address
  2. Then, go to Rental Info and select Properties, and confirm that the following fields are populated and correct:
    Property Name
    Property Address
    Property Tax ID

For complete instructions on how to process year-end tax documents and reports in Rent Manager, refer to the Knowledgebase and our Year-End Close Resource Center.