Tips of the Week #24

At Rentvine, we’re committed to helping property managers stay compliant, accurate, and audit-ready—especially as the year comes to a close.
In this week’s Rentvine Academy video, Sales Engineer Cristian Torres shares a practical end-of-year accounting checklist to ensure your books are clean and your team is well-prepared for the new year.

What’s important in year-end accounting

1. Review Diagnostics weekly or bi-weekly

Rentvine’s Diagnostics tool should be monitored consistently throughout the month—especially at year-end. It helps you identify:

• Negative bank accounts

• Escrow mismatches

• Rental trust or security deposit discrepancies

• Reconciliation lapses over 60 days

• Suppressed fee mismatches

The goal: resolve issues before they accumulate.

2. Complete all bank reconciliations

Cristian recommends ensuring every bank account is fully reconciled before entering the new year.
You can:

• Navigate to Accounting → Banking

• Select the bank account

• Click Reconciliations to view last completed reconciliation

• Use the green Reconcile button to catch up

Clean reconciliations = cleaner audits.

3. File 1099s for owners and vendors

In the Transactions section, use the Tax Reporting tools to:

• Print 1099 reports

• Publish 1099s in bulk to owner/vendor portals

• Notify recipients automatically

• Export IRS- or FIRE-ready files

These tools ensure you meet federal requirements on time.

4. Access supporting training and webinars

From the Support menu, you can access Rentvine’s Knowledge Base, including webinars on:

• Diagnostics (Part 1 and 2)

• 1099 processing (2023 and 2024)

• Bank reconciliations

These resources help you resolve issues confidently.

5. Rentvine Accounting as a Service

If you’re still unsure or overwhelmed—even after following the checklist—Rentvine offers Accounting as a Service, where an in-house accounting team can:

• Complete cleanup work for you

• Assist with year-end preparation

• Handle ongoing reconciliations throughout the year

It’s a great option for busy or rapidly growing teams.

Why this matters

End-of-year accounting can be stressful, especially with audits, tax deadlines, and owner expectations. Rentvine gives you the tools, resources, and support to move into the new year confidently—with clean books and compliant records.

By staying proactive, reviewing Diagnostics, keeping reconciliations current, and using Rentvine’s tax tools, you ensure that both your business and your owners start the year on solid footing.