Borrowing money from members
Last year, multiple members of the church loaned money for the purpose of buying the property next door.
We have been making payments back to those members, however, the person that previously handled the bookkeeping did not record the purchase of the property in QuickBooks.
It looks like money coming in & going out was recorded through an equity account.
I now have one of those members asking me for a 1099 for the money paid to them for the loan.
I am new at this and do not know how to handle.
Also, we are making "mortgage payments" to the church that originally owned the property.
1. Are we suppose to send 1099's to the members that we are making the payments to?
2. If so, how is this recorded on the 1099?
3. How should I record the purchase of the property, the receipt of loans, etc.