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.
The YTD Balances Tool enables you to add unrecorded 1099 beginning vendor balances to your properties in one simple step.
If you converted to Rent Manager in the middle of the fiscal year and want to generate one vendor 1099 that includes vendor payments from both accounting systems, enter the YTD Balances on the vendor’s General tab:
- Go to Lists > Vendors.
- Select the vendor from the list.
- In the Tax Information section, make sure 1099 Vendor is enabled (the box is checked). If you enabled (checked) it, click Save.
- Click YTD Balances.
- Select the year for which 1099s will be generated from the 1099 Year drop-down list.
- Enter the amount paid to the vendor, by property, from the previous software.
- Click Save.
- Repeat steps 2 through 7 for each additional vendor.
When generating 1099s, Rent Manager will add the YTD Balances to the Rent Manager 1099 activity so that you are able to provide the vendor with a single 1099.