Payments Completed Report
The Payments Completed Report gives you an in-depth look at all payments (and refunds) processed during a specific period. Think of it as an amalgamation of all the reports in theTax Reports Hub.You’ll see each payment associated with a project, including client details, total paid, gratuity, discounts, and refunds. The Payments Completed Report is perfect for a comprehensive overview of your income during any given period—whether for a month, year, or custom timeframe. It’s an essential tool for tracking your business’s cash flow and understanding your revenue at a glance.
Key Notes:
Refunds are shown as negative amounts for easy identification.
Discounts are calculated on the invoice total and divided across the number of payments. For example, if a $100 invoice includes a $10 discount and has two payments, each payment line will reflect a $5 discount.
Detailed and Summary Payments Processed (1099) Reports:
The 1099 or Payments Processed Report gives you a clear look at all payments processed withinHoneyBook, therefore excluding anything marked as paid. As per IRS guidelines, refunds and discounts are also excluded on this report, therefore showing just gross amounts. This report is especially helpful for year-end tax preparation, as the totals will match what appears on your 1099-K form from HoneyBook (if eligible and US based).
Key Notes:
Only payments processed through HoneyBook are included—any payments marked as paid are excluded.
Refunds, and adjustments are not part of this report, so you get an accurate picture of payments eligible for tax purposes.
The totals from this report will match the totals shown on your 1099-K form, making it easier to verify your reported income.
Sales Tax Report:
The Sales Tax Report provides a comprehensive overview of all taxable transactions, highlighting how much sales tax has been collected and refunded during a selected period. This report is perfect for understanding your sales tax obligations and gives you a clear picture of your tax activity.
Key Notes:
Refunds are displayed as negative amounts, ensuring any adjustments to previously collected tax are easy to identify
The report includes detailed breakdowns of taxable amounts and tax rates, up to three different tax rates if you are a Smart Files user
The Non-Taxable Amount column makes it easy to spot any parts of a transaction that were exempt from tax.
Discounts Report:
The Discounts Report provides a detailed look at all discounts applied to invoices and payments during the selected period.
Key Notes:
The Payment before Discount column reflects the payment amount before any discount, while the Discount (Payment) column shows the discount applied specifically to the payment.
The Net Payment column calculates the final payment amount after the discount is subtracted, giving you the actual amount received after applying any discounts.
Refunds Report:
The Refunds Report offers a straightforward view of all refunds processed, helping you track any adjustments made to previous payments. This report is ideal for reviewing all refunded transactions and understanding the impact of refunds on your business. This report is sorted by Refund Date and includes only refunded payments, making it easy to see exactly what was refunded and when.
Key Features:
The Total Amount Paid and Total Refunded Amount columns display the full amount of the original payment and the refunded amount separately.
Non-Taxable Amount Refunded and Taxable Amount Refunded show only the amounts refunded in those categories, rather than the full original payment.
The Tax Refunded columns display the amount of tax refunded for each tax rate (up to three), so you can track how refunds affect your sales tax reporting.
A new Gratuity Refunded column shows any gratuity that was refunded along with the payment.
Fees Charged Report:
The Fees Charged Report helps you easily track all payment-related fees charged by HoneyBook, including payment processing fees, instant deposit fees, and HoneyBook Capital origination fees. This is especially useful at tax time when you need to accurately report your business expenses. While these fees are shown in the Payments Completed Report, the Fees Charged Report provides a consolidated and simplified view of just the fees, saving you time and effort. It will help streamline your tax preparation by offering a complete breakdown of your tax-deductible business expenses (excluding subscription fees). By using this report, you'll have all the necessary fee information ready for tax reporting without the extra work of manually extracting it from other reports.
Key Features:
Transaction Fees and Instant Deposit Fees are displayed with their respective fee rates, showing how much you were charged for each transaction and instant deposit.
Net Amount reflects the total paid minus all applicable fees, ensuring you can track what was actually received after the fees were deducted.
HoneyBook Tax Hub is designed to provide information relevant for tax preparation but does not provide tax, financial, or legal advice. It is not a substitute for a licensed professional. Users are solely responsible for the accuracy and compliance of their filings. We recommend confirming any information given here by seeking the assistance of a licensed professional in your area. We do not guarantee completeness, real-time updates, or assume liability for errors, omissions, or penalties.