Now that your physical HoneyBook Balance Visa® debit card is on its way, prepare yourself for tax time and understand how your HoneyBook account has changed. You’ll want to start using these features to get the absolute most out of your HoneyBook Balance Checking Account.
📣 Note
You won’t receive a 1099-NEC if you used your HoneyBook Balance Checking Account to pay any contractors. You should talk to a tax professional to determine if you need to provide your contractors with a 1099-NEC. They can also assist you with completing and submitting the form, if necessary.
How you get paid in HoneyBook Balance
Your net client payments are deposited directly into your HoneyBook Balance Checking Account. These deposits make up part of your available balance, and your net client payment is reached after these deductions are made:
A percentage for a tax savings bucket, if you've set one up
Taxes
Reimbursements or refunds, if you owe any
HoneyBook Capital loan repayments, if you have a loan
Check out your income and expense projections
Gain financial confidence by seeing your income and expense projections. Your money in and money out are both key metrics for your business’s health, so getting projections on what they could look like can empower you and inform decisions you make.
Learn more about your income and expense projections.
Set up a regular savings bucket
While your tax savings bucket will prepare you for tax time, you can use regular savings buckets to set aside funds for other large purchases (like new equipment or a vacation!). These work the same way as the tax savings bucket, by setting aside a portion of your incoming client payments.
Learn more about setting up a regular savings bucket.
Categorize your expenses
One key benefit of your HoneyBook Balance account is that your expenses will get automatically categorized if you use the debit card to pay for them. In case you need to transfer money out of your account (for example, to pay a team member), you’ll want to get into the habit of categorizing them manually.
Learn how to manually categorize an expense.
📣 Note
As you use your debit card and manually categorize expenses, you’ll also be able to see where you’re spending your money. Learn more about finding your most expensed categories.
Send your transactions to QuickBooks
HoneyBook Balance won’t replace QuickBooks, so if you use that tool, make sure you've connected HoneyBook to QuickBooks and added your HoneyBook Balance Checking Account as your default bank in QuickBooks.
Learn how to connect your HoneyBook Balance account to QuickBooks.
📣 Note
This integration is slightly different from the one that connects your standard HoneyBook account to QuickBooks. Your Balance account will send transaction data over from your debit card usage, whereas the standard integration will send client payment and transaction fee data.
Still have questions? Feel free to send us a message by clicking the Question Mark icon on any HoneyBook page. Our team is always happy to help!
HoneyBook is a software company, not a bank. Banking services are provided by Lincoln Savings Bank, Member FDIC. HoneyBook Visa Debit cards are issued by Lincoln Savings Bank, Member FDIC. HoneyBook is not FDIC insured. FDIC insurance only covers the failure of an insured bank.