The questions featured in this article:

  1. Can I give my accountant access to my Wethos Payments Account?

  2. How does Wethos help me with taxes?

  3. Do I need to file a 1099 for teammates that I pay out?

  4. Can I add in taxes?

  5. How do I add expenses?


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?

Your payment dashboard helps with taxes as 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 My Money and clicking on the Transactions page.

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.

Here is a resource you can reference to find out the latest sales / VAT taxes

Steps to add taxes to your client invoice:

  1. Go to your project, click the Pay page.

  2. Click “invoice client.”

  3. 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:

  1. Go to your project, click the Pay page.

  2. Click “invoice client.”

  3. 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.

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