We're excited to announce we've added the ability to include data from inactive properties when running select reports. This improvement will help you get an accurate financial picture when running reports, especially at year end or during tax season.
This improvement is most important for two reports, which we recommend using for 1099 purposes:
- Vendor ledger report - shows the total amount paid to a vendor over the previous tax year from all properties.
- Income statement - shows the gross income earned on properties and reported on the rental owner 1099 tax form.
Previously, while we showed inactive property data on the 1099 pages, we did not show inactive properties on these reports, which made it difficult for customers to match up the amounts they see on the 1099 pages to ensure they are correct before eFiling with the IRS.
Here is the complete list of reports you can add inactive property data to:
- Vendor ledger report
- Income statement
- Income statement detailed
- Income statement consolidated
- Balance sheet
- Balance sheet consolidated
- Rental owner ending balances
- Rental owner statement