**IMPORTANT NOTICE: On May 14th, 2024 all Wethos Payments Accounts will be closed as we are transitioning to a new form of payment acceptance for your invoices. Once closed features such as debit cards, account statements, account transfers, and account and routing numbers will no longer be available. On May 14th, the Payments Tab will also no longer be available. Please download your account statements or CSVs before this date and make any withdrawals of the funds in your account. If there are any funds left in the account, they will be mailed to you within 30-60 days of account closure. You can learn more about this in our featured Help Center article HERE. If you still need your account statements after the closure, you’ll need to reach out to Blue Ridge Bank directly.
The questions featured in this article:
1. Can I give my accountant access to my Wethos Payments Account?
Not yet. You can email Wethos’ financial statements and data to your accountant as often as you’d like, free of charge.
2. How does Wethos help me with taxes?
With your payment dashboard, you’ll have a clear look at itemized income, expense reimbursements, and payouts to teammates in a simple CSV download. You won’t need to deal with the headache of trying to reconcile these numbers later to show your actual profit.
3. Do I need to file a 1099 for teammates that I pay out?
Yes, you do. At tax time you need to fill out and send a 1099 to every teammate that you paid in the prior tax year. It should include the total amount that you paid them during the tax year. You can easily get that information from the transaction history of your Wethos money account by going to Payments Account and clicking on the Transactions tab.
We don't currently automate the creation or distribution of 1099 forms but will consider this addition in the future.
4. Can I add in taxes?
You can add taxes (sales taxes per state, VAT taxes, income taxes, etc.) to your invoice if you choose via the custom line items.
Steps to add taxes to your client invoice:
Go to your project, and click the Pay page.
Click “invoice client.”
Scroll down to the SUBTOTAL section and add your tax line item, including the amount you’d like to charge.
The information will appear on the invoice when sent to your client.
5. How do I add expenses?
You can add expenses per project to your client invoice.
Steps to add expenses to your client invoice:
Go to your project, and click the Pay page.
Click “invoice client.”
Scroll down to the Item section and add your expense as a custom line item manually. You can also use the dropdown in the Project Items to the right to choose from existing expenses.
The information will appear on the invoice when sent to your client.