FreshBooks Payments is powered by WePay. All your transactional details can be found inside your WePay account, and you can access your account anytime by logging into WePay here.
Bank Account
Only one bank account can be added in a WePay account (and it must be in the same currency as your account type – USD or CAD). You can update your bank account with these steps:
- Log into your WePay account here
- Click on Settings
- Click on the Settlement Details sub-tab
- Click on the Change button next to Bank & Account
- Update with your new bank details and click Add Bank to finish.
Transfer Period
The Transfer Period is the withdrawal frequency that determines how often a withdrawal is made from your WePay balance to your bank account. The shorter the transfer period, the quicker you receive your funds. You can choose from daily, weekly, or monthly.
To update your frequency, use these steps:
- Log into your WePay account here
- Click on Settings
- Click on the Settlement Details sub-tab
- Click on the Change button next to Transfer Period
- Choose your new Transfer Period and click Submit to finish.
Reconciliation Reports
You can download either of these two reports directly from your WePay dashboard under the Reporting tab:
- Payments Report – This shows all transactions that enters or exits your WePay account (payments, refunds, credits).
- Settlements Report – This report lists all transactions that are grouped together in each settlement. These settlements also include information on when the total settlement amount was sent to your bank.
FAQs
What is the 1099-K form? How do I get one?
The 1099-K form is the IRS’s information return for reporting the movement of funds. It reflects the gross dollar amount that you collected in the previous calendar year. In addition, the IRS 1099-K form should reflect your legal name and Taxpayer Identification Number (TIN). Our partner WePay will automatically email 1099-K forms by January 31st of the following year if you’ve collected at least $20,000 and have at least 200 transactions in the calendar year. For more details, check out WePay’s article here.
Looking for more information on FreshBooks Payments by WePay? Check out other articles here.