FAQ > Generating Reports

How do I do year-end adjustments for accurate mortgage interest, insurance, and property tax reporting?

Steps to Make Year-End Adjustments

SimplifyEm.com Property Management Software allows you to easily make Year-End Adjustments to accurately report interest, insurance, and tax amounts based on your 1098 form, insurance bill, and property tax bill. You can do this by editing the Tax Report with the following steps:

1. Navigate to the Reports page from the main menu.

 


2. Scroll to the bottom of the page to generate the Tax Report for the desired year where adjustments are needed.

 


3. The Tax Report will open in a new browser window. Here, click on the link labeled Make Your Year-End Adjustment.

 


4. In the Year-End Adjustment section, you will see a worksheet displaying the total amounts paid for taxes, insurance, and interest.

 

You can now enter the actual amounts from your 1098 form, insurance bill, and property tax bill into the corresponding fields. This allows you to adjust the recorded amounts for each property and ensure that your interest, insurance, and tax payments are accurately reported for the year. By making these adjustments, you ensure compliance and accuracy in your financial reporting.