The Vendors feature allows users to track payments made by service providers. Details such as the name, email, phone number, address, and tax identification number can all be recorded with the Vendor.
Effective vendor and expense management can be important for tax compliance, such as handling 1099 forms and W-9 processes, and REI Hub provides tools to streamline these tasks.
In addition to property and expense categories, using Vendors can provide additional insight into your rental property expenses. This feature is particularly helpful for ensuring compliance with tax reporting requirements, such as organizing expenses for 1099 preparation.
The Vendors feature is disabled by default and needs to be turned on to track Vendors.
The REI Hub system can be used to track Vendors and the totals paid to each, but does not directly create, file, or send 1099s to Vendors or the IRS. You can use the "Expenses by Vendor" export available in the Reports section for detailed compliance-related analysis.
To Add Vendors to REI Hub
1) Navigate to Portfolio Settings in the right-side menu.
To access Portfolio settings, click the menu icon (three horizontal lines) in the top right corner next to your portfolio name, then select Portfolio Settings.
2) Toggle 'Enable Vendor Tracking' to Yes and Update Settings
3) Access the Vendors page under the Organization and click Add Vendor
4) When booking expenses manually or from the import feed, select the vendor from the drop-down menu
5) View all the transactions booked to that vendor
Click on the name of the vendor to view all transactions booked to that vendor.
Steps to Generate the Expenses by Vendor Report
Follow these steps to access this report in REI Hub:
Open REI Hub and navigate to the left-hand menu.
Click on Reports.
Under the Tax section, select Expenses by Vendor.
If you don’t see the report, ensure that vendor tracking is enabled. Enable it through the settings, then return to the reports section and select Expenses by Vendor.
Ensuring Transactions Appear in the Report
To ensure all relevant transactions are included in the "Expenses by Vendor" report, you must assign vendors to your transactions. Here’s how:
From the left-hand menu, go to Transactions.
Open the Booked Transactions tab.
Select a transaction by clicking View.
In the transaction details, add or select the appropriate vendor from the dropdown list.
Repeat these steps for all other transactions to ensure they are assigned to the correct vendors.
Troubleshooting Tips
If your "Expenses by Vendor" report is incomplete or empty:
Double-check that all transactions have been assigned a vendor.
Confirm that vendor tracking is enabled in the settings.
By following these troubleshooting steps, you can ensure the report is accurate and comprehensive.
Still have questions? Reach out to our Support Team via email at support@reihub.net or call us at (888)939-6865.