Vendor database to link to 1099 Data

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.

+1 this is a necessary baseline feature that would be greatly appreciated and impactful!

+1 a vendor database would be amazing.

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!