We need to be able to add Vendors to our database (with their info including tax-id) and track their payments. This would be able to give a total at the end of the year to allow us to properly prepare 1099s.
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I 100% agree. Every landlord pays a contractor at some point in time, and I would think that their accounting software needs a way to track those payments. This would be a huge addition to the app.
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Stessa said I should come here and vote…so my vote is absolutely YES. This is a mandatory for every tax prep and if there is no way of tracking payments made to vendors…well, Stessa, you are now limiting yourself to smaller portfolio investors.
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+1 here. Would love to see a more formalized Schedule of Accounts capability
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How are you guys currently doing your 1099s
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I think this would be an easy add-on feature. I would start with the minimum viable product … I would think just being able to pull reports by payee would do it. Then I would add the functionality to store payee just by name. Then I would add the ability to add additional profile information for payee/vendor like tax id. Then lastly give some functionality to prepare 1099’s. You have a great product here. This would put it over the top.
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Vendor management is definitely a trade-off feature. Having the ability to free-form the Payee name can save time, at least when compared to QuickBooks. For example, I don’t really care about the name of the restaurant that I ate at when travelling to check on rental properties, so creating a vendor for every coffee shop is overkill. However, “big ticket” vendors like 1099-able GCs and places like Home Depot or utility companies are important to track. If I enter one transaction as “The Home Depot” and another one as “Home Depot” in Stessa then I get varying results when exporting/reviewing the transaction log, which can be a pain to manually keep tabs on.
1099 reporting should be done “up-front” or known in advance of using/paying for a vendor’s services. For example, if I know that I’m going to pay a contractor via credit card or online payment service like PayPal, Veem, etc. then those providers take care of the 1099 reporting for me by filing a 1099-K on my behalf. However, if I know that the vendor is an individual or LLC, and I will be paying them $600 or more via check or personal bank transfer, then I need to mentally flag that vendor (or maintain a list) for year-end 1099 filing.
I use Track 1099 and manually add my 1099 vendors into their system. Assuming the Payee name in Stessa is used consistently across transactions, then I can filter transactions by year, sort by description and I should see the full list of expenses/payments for that vendor for a given year. That can be exported to CSV/Excel if the list is really long. I then enter the total payments for the NEC form in Track 1099.
Hope this helps.
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+1 here. Would love to see a more formalized Schedule of Accounts capability as well. Would make life easier.
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+1 this is a necessary baseline feature that would be greatly appreciated and impactful!
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+1 a vendor database would be amazing.
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Yes! Just started using Stessa and already thinking of changing because it won’t work with my portfolio if I don’t have vendor tracking to facilitate 1099 prep. Guess free was too good to be true.
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Yes, please please add this!
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+1 a vendor database or even just a vendor field would allow me to completely ditch excel.
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agreed! this would be awesome!
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This vendor 1099 issue discussion goes back to 2020 and Stessa hasn’t done anything but refer us back to this discussion. If they don’t join the discussion or make an upgrade solution then this is a waste of time.
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I second this request. Maybe there can at least be a tag that we can add for 1099 and we can run a report showing them all? Maybe add them similar to how we add mileage, Or a way to add discreet vendors wouls also be nice.
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I use stessa to extract the payments to a specific vendor, export that to a spreadsheet to get the total of all the payments that year to that vendor ( have to be diligent to name all the transactions with the same vendor name!!) and then use efile1099now to generate the 1099 and report it to the vendor and IRS. This is one of my fun activities before end of January each year. Having a vendor list with all payments and totals would be GREAT. 
