supplies!

Kristina Conard

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Jan 18, 2020, 3:12:51 PM1/18/20

to buildium-n...@googlegroups.com, PM Kcrr

For those of you who have vendors who buys the supplies, gives you the receipt & you simply reimburse them.....

What chart of account do you use? I used SUPPLIES. Makes sense...BUT

Now that I am creating their 1099's Buildium is counting this as income for them and now they will have to pay taxes on that.

If I change the chart of account from Supplies to something else then it is a catch 22, because then the owner will NOT see that as an expense on their owner statement.

This seems like a flaw in the system to me.

What I am not getting? What do YOU do?

Thanks everyone

Kris Conard

Platinum Realtor

KC Rental & Realty

913-710-7391

Expert in Buying Selling Renting Investing

Whatever your housing needs, I can help!

Glenn Russell

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Jan 18, 2020, 3:22:29 PM1/18/20

to buildium-n...@googlegroups.com

from a strict accounting practice, money paid is taxable.

it's up to the vendor to track reimbursements.

we use the word "reimbursement" in the pay memo

and it's easy to do a breakout of the reimbursements

so the vendor can expense them.

===========================================

PS........pls do me a favor (and possibly all Buildium users)

===========================================

run a 2019 year-to-date vendor ledger report for a couple

of your larger vendors. note the totals for each.

then check that total against the number appearing on your

1099 accounting set up (but do *NOT* send.).

We are finding approx 12% greater amount on the 1099's

than on the vendor ledger.....and still can't figure out why.

===========================================

Glenn

Cell: 757 - 641-7400

Glenn Russell, Broker
Coastal Group, Inc. Realtors
4634 Haygood Road
Virginia Beach, VA 23455
Cell: 757 - 641-7400
Ph: 757 - 233-9595
Fax: 757 - 233-9696
Glenn hruss...@gmail.com
http://GlennRussell.com

www.CoastalGroupRentals.com

www.CoastalVirginiaProperty.com ...search all 4 cities...

www.VirginiaBeachProperty.management

Glenn: http://vimeo.com/36036602

http://vimeo.com/36097429

Coastal Group, Inc. represents as clients, its Sellers and Landlords

unless otherwise disclosed. Please ask us about representation.

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Randy Pereira

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Jan 22, 2020, 4:28:54 PM1/22/20

to Buildium User Group for NARPM members

Side Note:

Thanks a bunch, Glenn. I ran into some similar issues with owner income being off from what the 1099 filing will send out. So I need to do some additional research. I sincerely appreciate your time on the phone today.

Randy Pereira
Broker/Property Manager at T2M Real Estate