Independent - 1777 Message

[progoldi2]

Wakefield Real Estate

Hi Gary - We are adding 1099 information on our rentals after the deals have been closed by going back in a creating a zero deposit so that we can put the amount of money to be 1099'd to the landlord in. The problem is that we have zero amounts in the escrow account that can't be closed out and Mary can't close her months out. We were thinking of just adding .01 cents to each one in order to post them but then we'd have a penny negative in each transaction and would not be able to balance the accounts. Please let me know what you think or call me at 561-989-2134 to discuss. Thanks

[admin]

Wellesley Real Estate

The only thing I can think of would be to put a .01 deposit in the property to generate the 1099 for the seller and then enter an Adjustment (e.g., Error Correction) to take the penny out of the balance in the property.

This way you could post the .01 deposit and the adjustment entry and be able to close your financial period. You get a zero balance on the property and the record you meed to manipulate for the seller's 1099 amount. Its double work, but its only a one time issue for this year.

You would need to clear both transactions when you do your bank recon, but you would at least have an audit trail in the property for the seller 1099's that were not entered.

[progoldi2]

Wellesley Real Estate

Ok, that makes sense.

[admin]

Westwood Real Estate

You are most welcome!

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