Need a hand?

Find what you need on the FreshBooks Support page.
 From Client tips to Invoice tricks and everything in between.

Rather speak to a human? Give our award-winning Support team a shout:

help@freshbooks.com
1.866.303.6061

Support Team
< Payments

Payments Supported by FreshBooks: Features and Reporting

Want to know more? Head back to the Payments Supported by FreshBooks: Overview

FreshBooks Payments: Recurring profiles

  1. How do I use FreshBooks payments on my recurring profiles?
  2. Can I use FreshBooks Payments for auto-billing?

Expenses:

  1. Why am I seeing “Transaction Fee” appear as an expense?
  2. Some “transaction fees” are being automatically deleted! What gives?

Reporting:

  1. What kind of reporting is available for FreshBooks Payments?
  2. How can I export all of my FreshBooks payments data?
  3. What is a 1099-k form? How can I receive it?
  4. How do I reconcile payments with my 1099-k form?

How do I use FreshBooks payments on my recurring profiles? back to top

Using FreshBooks Payments on your recurring profiles is very similar to using other payment gateways. Follow these steps:

  1. Start by creating a new recurring profile.
  2. Under ‘Online Payment’ (right hand side), make sure to enable ‘Accept Credit Cards’ (if you have other gateways enabled, this feature will be displayed as ‘FreshBooks’).
  3. That’s it! Save your recurring profile and rest assured that your invoice will be auto-generated with FreshBooks Payments enabled!

Can I use FreshBooks Payments for auto-billing? back to top

Absolutely! In fact, if you use FreshBooks Payments for your auto-billing needs, then all your auto-bills are absolutely free! To set up FreshBooks Payments for auto-billing, follow these steps:

  1. Create a new recurring profile.
  2. Under ‘Online Payment’ (right hand side), make sure to enable ‘Accept Credit Cards’ (if you have other gateways enabled, this feature will be displayed as ‘FreshBooks’).
  3. In the ‘auto-bill’ section: you can leave this blank if you don’t have your client’s credit card number. Once the first invoice gets generated, your client will be able to pay that invoice and sign up for auto-billing themselves. For more information, check out this post!
  4. If you do have your client’s credit card number, feel free to select ‘FreshBooks’ from the auto-bill dropdown menu. A new menu will appear where you can enter your client’s credit card number and save it securely! Once your invoice gets generated, the system will automatically process the payment through FreshBooks Payments!

Why am I seeing “Transaction Fee” appear as an expense? back to top

An exciting feature of FreshBooks Payments is that it is fully integrated with your FreshBooks account. When using FreshBooks Payments, any fees related to your transaction (transaction fees, refunds or chargebacks) will be tracked automatically in your FreshBooks account.

Furthermore, if you ever choose to refund a transaction, your account will automatically be updated (your payment on the invoice will be updated to $0 AND your transaction fee expense will be auto-deleted, as it no longer applies).


Some “transaction fees” are being automatically deleted! What gives? back to top

If you’ve refunded one (or more) of your transactions back to your client(s), FreshBooks will automatically keep track of the reporting for you! All related transaction fees will be automatically deleted from your expenses (as they no longer apply) AND any payments on your invoices will be automatically updated to $0.


What kind of reporting is available for FreshBooks Payments? back to top

Inside your FreshBooks account, you can view all the information about your payments on the FreshBooks Payments dashboard. This dashboard can be accessed on your ‘home’ screen as well as through Settings >> Accept Credit cards.

Accept Credit Cards

Furthermore, the “Payments Collected Report” and “Expense Report” can give you more detailed information on how many payments you’ve accepted through FreshBooks Payments, as well as all related transactions fees!

To access these reports, follow these steps:

  1. In your FreshBooks account, click on ‘Reports’.
  2. Next, click on ‘Accounting reports’ on the left hand side.
  3. The ‘Payments Collected’ report and ‘Expense Report’ can be accessed from this menu.

How can I export all my FreshBooks payments data? back to top

All reports within FreshBooks can be exported in a CSV or Excel file. To do this, simply run the report in FreshBooks, then click the ‘Export to’ button at the top right hand corner of each report.

Expense Report

Furthermore, you can also retrieve your information from your WePay account . WePay helps FreshBooks process these payments in the back end in a PCI-compliant way. To access your WePay account, follow these steps:

  1. Log in to your FreshBooks account
  2. Click on “Settings” in the top right corner
  3. Click on the “Accept Credit Cards” sub-tab
  4. Click under ‘Show Account Details’
  5. Click on ‘Manage account’

This will bring you to the WePay website. Here, you can log in with your WePay username and password. If you forgot your WePay account password, click here for more info.

Once you’re in the WePay dashboard, you’ll have access to all your transaction and withdrawal history.


What is a 1099-k form?back to top

Form 1099-K 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).

If you collect at least $20,000 and have at least 200 transactions in the calendar year, our partner WePay will send you by email the 1099-K form by January 31 of the following year. All payment processors are required to issue the 1099-K form by law. WePay is also required to file a corresponding tax form with the IRS, which participates in a combined filing program with many state tax agencies


How do I reconcile payments with my 1099-k form? back to top

It is up to you (and a tax professional) to determine whether your proceeds represent taxable income. WePay, our partner will not report the funds that you collected as earned income. The 1099-K form is simply intended to track the movement of funds. Important to know is that refunds and credits are NOT included on the 1099-K tax form.