How to Easily Master Your 1099's in VRM
***This blog post was updated as of January 2, 2020.***
We all know what time it is... even if we don't want to admit it. As the holiday season comes and goes, it is a sure sign that TAX TIME is fast approaching! It is time to focus your time and attention to pulling tax reports and information. Here at Virtual Resort Manager, our vacation rental software program makes it easy for your business to be prepared for tax season. We also offer world-class service and support to help you through this potentially stressful season.
In order to help you be prepared, we want to give you up-to-date information that will be helpful for you and your staff. Keep reading for step-by-step instructions on how you can find useful tax information in our Knowledge Base, to watch last year’s tax webinar, and to gather other great tips from Lauren and Michelle in our Training and Support Department.
Tips & Tricks from the Trenches
We can always count on the Help Desk Team to provide relevant information when it comes to hot issues like taxes.
1. Remember when you are doing the December Bank Reconciliation to change the year to the prior year. The system automatically defaults to the current year.
2. Be sure to review the owner statements and Account Payables Journal for vendors and compare these to the 1099 summary report.
3. For general information in the Knowledge Base regarding 1099s, go to VRM Knowledge Base for the Client Console (Wiki) > Accounting > Accounting Procedures – How To > Year End Procedures including 1099’s. Click here to go straight to the article.
4. You can also find printing help under VRM
Knowledge Base for the Client Console (Wiki) > Accounting > 1099’s >
Printing 1099's. Click here to go straight to the article.
Watch the Webinar
Last year, Michelle was featured during our monthly webinar. The webinar focused on everything from 1099 setup to batch reports. We asked Michelle if there were any changes since last year, and thankfully... there have not been any changes! These tips and tricks will help to make tax season as painless as possible for our clients! From start to finish Michelle went step by step to make your end of year a breeze, so you can get back to sipping eggnog! Watch the webinar for a refresher or to get caught up to date.
Get Additional Help
For additional help or information, be sure to email the help desk at [email protected] or enter a Help Ticket.
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Save this blog for later!
We know taxes only come once a year, save this for later so you remember it next time!