We’ve added a new report to the system to assist landlords and property managers easily compile all necessary information to provide 1099’s to the IRS, vendors, and owners. Under the Reports tab is the new report labeled 1099 Assistant. Click the image to the right for a full size example of the report.
To use this new report simply enter your expenses and distributions as normal into the system. Any time after January 1st, visit Reports, choose ‘Last Year’ for a date range, and choose the 1099 Assistant report. All your expenses will be summarized with the necessary information to fill out your 1099s quickly available at your fingertips.
A couple tips to make this report the most useful. Be sure to visit Settings, Setup Vendors and have all your vendors defined in the system with complete address and tax id information. Same for any owners you provide distributions to. If the system is unable to match a qualified expense to a vendor or owner it will provide an option to link that payee to an owner or vendor for your convenience.