What do users do to get a vendor report of how much we paid them over the year so we can send tax forms per IRS
5 Likes
@dave Stessa does not currently support reporting by vendor or 1099 outputs. Many passive real estate investors who file Schedule E do not send 1099s, but it’s been something of a gray area for a long time. We recommend checking in with your CPA to figure out what’s required for your specific situation. If you do need to tally expenses by vendor, the General Ledger report is probably the best place to start. Hope that helps!
1 Like
Is there a current plan for Stessa to include this feature? An additional drop down when editing a transaction that allows you to enter the vendor would be very helpful. Then the user could filter by vendor. I feel this is something that is often overlooked, but would make things much more streamlined.
5 Likes
If you are interested reach out to me, we do this for several platforms but nobody in your specific category.
Yeah Stessa needs to add this feature, “somewhat of a grey area” isn’t a very good excuse every accountant I have talked to says I need to file 1099’s. This is a piece of cake in Quickbooks, I can get my vendors in 30 seconds. The General ledger does not show my vendors especially when paid in checks. Which might be my inputting issue but its definitely not intuitive like QuickBooks is then. Quickbooks is not great for real estate but when it comes to these features its way more dialed than Stessa and its frustrating because Stessa seems great for real estate investors except when you need to run reports like normal LLC companies do. I hope they get in and change this quick because I don’t want to have to use two accounting platforms or leave Stessa.