How to Configure Tax Reporting Settings and Generate 1099's

This article will walk you through how to configure your Rentvine account in order to generate 1099's for owners and vendors with the option to create a FIRE file that can be used to file with the IRS

 

 

 

 

Step 1: Configure Tax Settings

Fill out your company IRS information and choose if want to include Prepayments on the 1099's

• Go to the settings page (click on the ellipsis next to your name in the lower left corner of the page and select Settings)
• Click on Tax Reporting

• Fill out the Tax Settings form with your company information, i.e. transmitter and contact information.  Toggle on "Include Prepayments by Default" if you want to include Prepayments on the 1099's. Click Save

 

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Step 2: Review which Chart of Accounts are subject to 1099 reporting (reported as income)

Make sure you have the correct chart of accounts that are subject to 1099 reporting

• Go to the settings page (click on the ellipsis next to your name in the lower left corner of the page and select Settings)
• Click on Chart of Accounts

 

• Filter the list by Account Type and select Income and Other Income.  Click update

 

• Go through the list of income accounts and review which income accounts are set as Taxable (report as income).  If Taxable is green it means the account is subject to 1099 reporting (report as income).

• If you need to make a chart of account Taxable, click on it so you can modify it.  Click EDIT and toggle on isTaxable. Click Save.

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Step 3: Review Owner and Vendor contact information

 

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Step 4: Set Parameters to Compile 1099 information

Compile a list of owners and vendors that will be used to generate the 1099's.

• From the left navigation menu click on Accounting / Transactions.  Click on the green Actions button and select Tax Reporting.

• This will take you to the 1099 Reporting page.  Click on the green Actions button and select Recompile.

 

• The Compile page allows you to set parameters of what you want to report.  Based on what you select it will gather the relevant tax information from your Rentvine account.

• • Tax Year - Select the year that you want to report
  • Owner and Vendor Minimum - Enter the minimum amounts to report
  • Include Prepayments - This will already be on if you selected to include Prepayment by default in your Tax Settings.   Leave it on to include Prepayments.  Otherwise turn it off to not include Prepayments.
  • Compilation Option - Select what information you want to compile. 
    
    • Do NOT Change Existing 1099's - Select this option to update the owner and vendor minimum only.  This will not update the taxable amounts and owner/vendor address and tax id information.
    • Update Amounts ONLY - Select this option to update both the owner/vendor minimums and taxable amounts.  This will not update the owner/vendor address and tax ID information.
    • Update All Information - Select this option to update Owner/Vendor minimums, taxable amounts and address / tax ID information.

• Click Compile once you have set all parameters.

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Step 5: Review and Check for Errors

After compilation is complete review the list for any errors.  This allows you to find which owners or vendors may not have the proper information needed to generate the 1099.  You can also print a report before you generate the 1099's

• There are three possible tags that may be associated to an owner or vendor on the list

  • Below Minimum - The owner or vendor did not meet the minimum amount specified.

  • Skipped - The owner or vendor will not be included when you generate the 1099's.  Click on the pencil icon at the end of the row if you do not want to skip this owner or vendor.  A pop up will appear, uncheck "isSkipped" at the bottom of the page and click Save.

  • Error - The owner or vendor is either missing address/tax id information or has the wrong tax id format.  This has to be corrected in order to generate their 1099.  Click on the pencil icon at the end of the row.  A pop up window will appear letting you know what the errors are allowing you to fix the error(s).

• Optionally, you can print a 1099 report for your review.  Click on the green Actions button on the top right of the page and select Print Report. This will show you the Tax ID, Taxable Income, Prepayment (if applicable), Adjustments and Total Reporting.
• Once you have corrected any errors you are now ready to generate the 1099's

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Step 6: Generate 1099's

• Select the owner or vendors that you want to generate 1099's for.  You can filter the list using the search and filter options.

 

• Click on the green Actions button on the top right.  You will have several options to choose from.  Select what is applicable.

• • Print Report - Generates a 1099 report in PDF format
  • Export to Excel - Downloads a 1099 report in Excel format
  • Print 1099 Copies - Generates a PDF of 1099's that you can print on paper.  you will be given the option to only show the last 4 numbers of the tax ID or not just before generation.
  • Download FIRE file - Generates a FIRE file that can be used to upload to the IRS.  It will download to your device.

• • Print Laser 1099 MISC - Generates a PDF laser 1099 MISC that you can print on 1099 MISC laser forms.
  • Print Laser 1099 NEC - Generates a PDF laser 1099 NEC that you can print on 1099 NEC laser forms.

• • Publish - Generates a PDF 1099 copy that is published to the owner or vendor portal.
  • Publish Batches - Takes you to a page where you can view the 1099s that have been published to owner or vendor portals
  • Recompile - Takes you back to the compile page.