PropertyPlus

1. PropertyPlus 2008 End of Year Procedures Welcome to the PropertyPlus End of Year Webinar January 7th, 1:30 pm EST Please stand by, as we will begin in just a few moments…

2. PropertyPlus 2008 End of Year Procedures Please email any questions to Support@instantsoftware.com anytime during this presentation. The PropertyPlus Client Care Team will work on the responses directly after the Webinar today.

3. What will we cover in this Year End Webinar? • How to set up your Company Details to get ready for Preparing and filing 1099’s • How to set your 1099 Parameters prior to preparing your 1099’s • How to Confirm the Vendor details are correct • How to confirm the Owner details are correct • How to compile the Data for Owner 1099’s • How to Run reports on the complied Owner’s 1099 Data • How to Add or Modify the Owner’s Data • How to Compile the Data for Vendor 1099’s • How to run reports on the Compiled Vendor’s 1099 Data • How to Add or Modify the Vendor’s Data • How to run Annual Statements for your Home Owners • FAQ for running 1099 and closing the year • Helpful Reports to Print out and file for the end of 2008 • How to Close the Year

4. Confirming Your Company Details Go to Quick Launch / File Setups / Actions / System Set Up Maintenances / Company Details. Enter the Tax Name for the company and then go to the 1042/1099 Details tab and enter the TCC number that has been assigned to your company by the IRS if you are filing electronically.

5. Setting your 1099 Parameters It is important prior to compiling the data to do your Year End procedures and 1099’s that you know how the numbers in the system are being calculated based on your System’s 1099 Parameters. Go to Quick Launch / File Setups / Actions / System Setup Maintenances System Parameters and choose 1099/Tax Parameters

6. Setting Your 1099 Parameters: Booking Extras For companies that use ‘Off The Top’ Booking paid extras and you show them on the Owner’s statement, you will want to check this box to be sure that they are included in the Owner Income reported on the 1099 for 2008.

7. Setting Your 1099 Parameters: Commissions Most companies disclose the Management Company’s Commission on the Monthly Owner’s statements. If you do, then you will want to make sure you check this box in order to have the Annual Statement and the 1099 figures consistent. If you do not disclose commissions on your Owner’s statements, do not check this box.

8. Setting Your 1099 Parameters: Pass Through Extras A ‘Pass Through Extra’ is an extra on a reservation where the client pays for the extra and a percentage of the monies paid goes to the owner. To check if an extra is a ‘Pass Through Extra’, go to the Goods Code and if there is an amount in Percentage to Owner, it is a ‘Pass Through Extra’. If these are to be added to the calculation of the Owner’s 1099 income, you will need to check this box.

9. Setting Your 1099 Parameters: Negative Owner Extras A ‘Negative Owner Extra’ is an extra charge on the reservation, payable by the owner with a negative value. For instance, some companies will use this to compensate an owner for a shortfall in revenue for certain reservations. If you use this function and want the income included in the 1099 calculated income, then you will check this box.

10. Setting Your 1099 Parameters: Negative Standing Charges A ‘Negative Standing Charge’ is a Monthly Credit to the Home Owner. This is mainly used to replace rental income where the Management Company has guaranteed that the owner will receive a certain amount of revenue each month, irrespective of the reservation in the Owner’s Property. In this case, the properties are set to 100% commission and therefore, the owner receives nothing but this monthly credit. In the set up for the Standing Charges, there is a field that asks ‘Include in 1099’. If this is checked, then you need to check this box.

11. Setting Your 1099 Parameters: Security Deposit Retention If you have retained monies from a Guest’s Security Deposit to the Owner’s Account and you would like the amounts from the retentions to be calculated in the Owner’s 1099 Figures, then you will need to check this box.

12. Setting Your 1099 Parameters: Vendor Threshold This field represents the Threshold of monies earned by the vendor to be required to file a 1099 this year. The $600.00 presented is default. If the threshold has increased, you will need to change this figure before preparing the Vendor 1099’s.

13. Setting Your 1099 Parameters: Individual 1099’s This setting will only pertain to Owner’s that have multiple properties. Depending on your preference, but more importantly, local Real Estate rules, you may elect to produce a consolidated 1099 for each owner rather than separately for each property. ***Please consult your local rules, as most states do require a separate 1099 for Each Property***

14. Checking Vendor Set Up You will want to make sure all Vendor’s receive a 1099. You therefore need to check the Vendor codes to make sure the ‘1099 Req?’ is checked, and that there is a Tax name and a Tax ID entered If you have prepared the Vendor 1099’s and there are any missing, it is possible they have not met the preset threshold in the System Parameters.

15. Checking Owner Set Up The Owner file has two fields that relate to 1099’s: (1) The 1099 Name and (2) the Tax Number. If the ‘Owner Name’ is not the correct one for the 1099, then use the 1099 field to make sure the correct 1099 is displayed when compiling the data. In this example the ‘Salutation’ is Test and Tester Smith. If the 1099 name on the Revenue tab would have been blank, that is what would have appeared on the 1099. To ensure the correct 1099 name appears, enter the name on the revenue tab under ‘1099 Name’. The revenue tab is also where the Tax ID or Social Security number of the Owner is entered.

16. Checking Owner Set Up: 1042 If an Owner does not have a Tax ID or Social Security number to be entered, you will need to file a 1042 for those Owners. In this case, they should not receive a 1099 and you will need to enter the number ‘1’ in the 1042 Exemption Code field on the Revenue tab of the Owner file. All other fields must be completed, as well.

17. Preparing Owner’s 1099 Data Q: How do I run the 1099’s? A: Quick launch / Accounts / Actions / Month and Year End Owner 1099s Enter the Year you are preparing for, leaving the Property Blank and Process

18. Adding or Modifying the Owner 1099 Data Then, you will go to the Modify/Add Tab and the data will be displayed. To add new owner details on the Modify/Add tab, click on ‘New’ and enter the details. Click OK.

19. Reports for Owner 1099 Data To get a full report of all the Owners, Properties and 1099 figures, you can now go to:Quick Launch / Accounts / Actions / Month and Year End / Owner 1099 Report ….Enter the Year 2008 and Print

20. Reports for Owner 1099 Data This is how your report will look: This report gives you the perfect tool to check for Tax ID numbers (SS numbers), addresses, and spelling of Owner’s names. You can also use this report to work on the Annual Statements to recheck the figures.

21. Annual Report for Owners To run an Annual Report for your Owners, you will go to: Quick Launch / Accounts / Reports / Owner Reports / Annual Report/Trx Summary You can run the annual statements for all or just one property, just like running Owner’s Monthly Statements

22. Preparing Vendor’s 1099 Data Q: How do I run the 1099’s for Vendors? A: Quick launch / Accounts / Actions / Month and Year End Vendor 1099s Enter the Year you are preparing for, leaving the Vendor Blank and Process

23. Adding or Modifying the Vendor 1099 Data Then you will go to the Modify/Add Tab and the data will be displayed To get a full report of all the Vendors and 1099 figures you can now go to:Quick Launch / Accounts / Actions / Month and Year End / Vendor 1099 Report Enter the Year 2008 and Print

24. Reports for Vendor 1099 Data This is how your report will look: This report gives you the perfect tool to check for Tax ID numbers, addresses and spelling of Vendor’s names.

25. Running the Vendor Invoice Analysis Report You can run the Vendor Invoice Analysis report to compare the figures complied on the 1099 report. Go to: Quick Launch / Accounts / Reports / Payable Reports / Vendor Invoice Analysis Report

26. How to Save the 1099 File First, you will want to go to: My Computer and click on your C: Drive, for example, and right click in a blank space and choose new / folder and name it IRS2008, for example. The go into PropertyPlus and go to: Quick Launch / Accounts / Actions / Month and Year End / 1099 File Export Then, enter the Directory that you created as above (i.e. C:\IRS2008) and a unique ‘File Name’ will be created. Enter the ‘Year’ as 2008 and then Process. The file created will need to be uploaded to the IRS as instructed on the IRS website.

27. Moving on to FAQ for 1099’s and Year End OK….so now you have checked all your company details. You are sure the Parameters are just right. You know how to prepare your Owner’s and Vendors 1099’s and run the reports on the figures and add new entries to the data in your PropertyPlus…..What’s Next?….What do all those numbers mean?…..What if there are missing 1099’s?...What if I need to modify details?...etc., etc.??? So, lets continue and gets to work on answering those questions and more to get you through the maze that is year-end!

28. FAQ for End of Year Procedures Q: If a Property is currently marked as ‘No Longer Live’ how do I produce a 1099? A: If there has been any activity on the property for the calendar year, you are preparing the 1099 for the system and it will produce a 1099 for the owner. Q: If I close out December, can I still work on Preparing the 1099’s? A: If you close December, you have closed the current year. If you needed to make any changes or corrections, they would appear on the Owner’s January 2009 Statement and not be calculated in the current year’s 1099 figures. Q: Is there an alternative to running the full annual statement for Owners? A: You can go to the Owner Statements and in the period enter ’13’ and end date as 12/31/2008. This will produce the annual transaction summary for each property. If you need more detail, refer to ‘printing annual statement’.

29. FAQ for End of Year Procedures Q: I added a new Owner and had to re-prepare the 1099’s and now it is gone?? A: If you modify any data or add a new entry to the 1099’s, when you re-prepare, the results will revert back to the original list removing any changes or additions. Q: Where do I get the 1099 forms? A: You can purchase the forms at most Office Supply stores Q: Should I do a test print of the 1099’s before running them all? A: YES. Go to the 1099 screen, go to the Print Tab, choose Copy A. When the print box appears, choose ‘Cancel’ and the forms will be presented on the screen. Select the Margins tab from the Page Setup, ensure the paper size is set to ‘Letter’. Then, using the margins, you will want to increase and print until the data appears in the right boxes on the preprinted forms.

30. FAQ for End of Year Procedures Q: Will I have to reset the Margins for Copy A, B and C? A: Yes. Once you have the Margins set, you will want to note them, as you will need to reset them for each subsequent copy. Q: My Printer got jammed and only half of the forms printed correctly. What do I do? A: If you have to reprint, you may select the page for the print job to begin in the Print Set Up screen.

31. End of Webinar PropertyPlus 2008 End of Year Procedures Thank you for Participating in the PropertyPlus End of Year Webinar Please note that you will be emailed a link in order to download this presentation in it’s entirety momentarily. The presentation will be sent to the email address you used to Register.