Concerns regarding the Owner 1099 calculations?
To verify an Owner 1099 calculation:
- Make sure you run a Cash Flow Report.
- Set the date range for the tax year.
- Do you see the prepayments row on the report? If not, go to Accounting, GL Accounts and make sure that your prepayments GL account is set to be included on the cash flow report.
An owner’s 1099 total = net change in income and other income GL accounts in the tax year + net change in prepaid rent in the tax year.
Take the Total Operating Income and add it to the net change in prepaid rent to get an owner’s 1099 total. This number should match the Total Income for the owner when running the Owner 1099 Summary Report.