Year-End Close: Identifying 1099 Vendors

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.

At the end of the year, contractors/suppliers/ etc.who have been paid for services throughout the year should have a Vendor 1099 issued for tax purposes. The Vendor 1099 includes all checks dated in the tax year that have the 1099 box selected in the check’s expense grid. Before generating your Vendor 1099s, it is a good idea to verify the 1099 amounts.

Follow the instructions below to verify, and if necessary, correct vendor 1099 amounts.

1. Go to Lists > Vendors.

2. Select Filter from the upper left-hand corner of the Vendor form.

3. Select No from the Is 1099 drop-down list and click OK.

The filtered vendor list now includes vendors not marked as 1099 Vendors and who will not receive a 1099.

4. Correct vendors incorrectly appearing as non-1099 vendors:

a) Select the vendor’s name in the list.

b) Enable (check)1099 Vendor.

c) Click Save.

5. Repeat Step 4 for additional vendors.

6. Click Filter again.

7. Select Yes from the Is 1099 drop-down list.

8. If it is not already selected, select Replace from the options on the bottom of the form.

9. Click OK.

The filtered vendor list now includes 1099 vendors who will receive a 1099 (if they meet the minimum payment amount).

10. Correct vendors who incorrectly appear as 1099 vendors:

a) Select the vendor’s name in the list.

b) Disable (uncheck)1099 Vendor.

c) Click Save.

11. Repeat Step 10 for additional vendors.

With vendors accurately categorized according to their 1099 status, 1099 amounts can be verified.

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.