Year-End Financial Procedures and 1099 Preparation
At year-end, PPM must prepare and distribute 1099-MISC forms to applicable vendors and owners, reconcile annual accounts, and ensure all Buildium records are finalized for tax reporting.
Systems involved: Buildium, Google Drive, Slack
Year-End Timeline
December 31 — All vendor bills for the year must be posted in Buildium
January 15 — W-9 collection complete for all vendors paid $600+ during the year
January 31 — 1099s must be mailed to recipients
January 31 — 1099s filed with IRS (or February 28 for paper filing)
Step 1: Vendor 1099-MISC
Any vendor (individual or non-corporate entity) paid $600 or more in a calendar year for services must receive a 1099-MISC.
In Buildium, go to Accounting → Reports → Vendor 1099 Report — this shows all vendors and their YTD payment totals
For each vendor at or above the $600 threshold, verify a current W-9 is on file in Google Drive (05_PPM_AI_OS → Vendor Registry)
If no W-9 is on file, request it immediately — you cannot issue a 1099 without one
Generate 1099s from Buildium or prepare via a payroll/tax filing service
Mail copies to vendors by January 31
Step 2: Owner 1099 and Annual Statement
Property owners who received rental proceeds through PPM also receive a year-end summary. Buildium generates an annual owner statement automatically.
In Buildium, go to Reports → Owner Statement and run for the full calendar year
Review each owner's statement for accuracy — ensure all income, fees, and maintenance charges are correctly reflected
Distribute final annual statements to owners through their owner portals and/or by email
Owners use these statements for their personal tax preparation — they are not a substitute for professional tax advice
Step 3: Year-End Reconciliation
Complete December bank reconciliation in Buildium before December 31
Confirm all outstanding work order invoices have been posted
Confirm all owner disbursements for December have cleared
Run a final Profit & Loss report for the year: Accounting → Reports → Income Statement
Archive the year's statements in Google Drive under Financial Records → [Year]
Questions and Escalation
All 1099 preparation should be reviewed by Dan before filing. If a vendor disputes a 1099 amount, document the discrepancy in Slack #chat-ai-accounting and escalate to Dan. PPM's tax preparer should be engaged by January 15 at the latest.