*Updated for 2016*
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.
After verifying that vendors are accurately categorized according to their 1099 status, you can verify 1099 amounts by generating a 1099 Vendor Breakdown report.
Populate the 1099 Vendor Breakdown report with the following report options to identify inaccurate amounts:
1. Go to Reports > Accounts Payable > 1099 Vendor Breakdown.
2. Select the date range From the first day of the tax year To the last day of the tax year.
3. Enable (check) Include Inactive and click Select All for the Properties to Include option.
4. Select Summary for the Detail or Summary option.
5. Disable (uncheck) Exclude records with zero amounts.
6. Disable (uncheck) Show Non-1099 Vendors.
7. Select No 1099 exclusions for the 1099 Exclusions option.
8. Click Create Report.
The report will display 1099 vendors and the following relevant information:
Tax ID: Entered on the vendor’s account.
YTD 1099: Amounts entered as payments made to the vendor prior to using Rent Manager (often these are payments made from your previous software).
1099 Amount: Checks written within Rent Manager with the 1099 box enabled (checked) on the check. This amount will be included in the vendor’s 1099.
Non-1099 Amount: Checks written within Rent Manager with the 1099 box disabled (unchecked) on the check. This amount will not be included in the vendor’s 1099.
Total 1099: The amount that will display on the Vendor’s 1099.