If you use Easy Storage Payments, you will receive a 1099-K form for tax purposes. The 1099-K form is used to report income received through electronic payment methods, such as credit card and debit card transactions.
When will I receive a 1099-K?
Forms are sent out the last week in January.
Who sends the forms?
Forms are sent from Worldpay/Payrix, our processing bank.
Where will the form be sent?
Forms are mailed to your facility's physical address. If that is not a good mailing address for you, please contact our Support Team to request an e-copy of the form.
How do I reconcile my 1099-K?
You can reconcile each month by excluding ACH, cash/check, and payments made by other/external credit card machines. Reconciliation can be done using the Revenue report and Refunds report in Easy Storage Solutions and following the instructions below.
Keep in mind:
- 1099-K’s show the total gross card transactions processed.
- ACH/Cash/Check/Other and External Credit Card Machine are not included.
- Refunds: Any payment made in the tax year that was refunded will need to be added back to your revenue total.
- If you have multiple facilities using ESS with the same EIN or Sole Proprietorship you will have one combined 1099/1099K.
1. Revenue Report
The first step to reconciling your 1099-K is to navigate to the Reports Tab and click Accounting and Financials.
Click on the Revenues Report.
1. Enter the dates you would like to view in the date range filter.
2. Select the Grouped by filter and sort by Payment Type.
3. Click the Load Report button.
You will see a Credit Card section and a One Time Credit Card section. ACH/Cash/Check/Other and External Credit Card Machine payments are not included. Consult your tax professional for the best way to reconcile those transactions.
Add these section totals together. Please be advised this is the total before refunds. You can also export the Revenue report sorted by payment type and delete all other transaction types except for Credit Card and One Time Credit Card.
2. Refund Report
Refunds for transactions within the tax year will need to be added to your Revenue report total. The 1099-K shows the total gross processed card transactions. Since these transactions were originally processed they will need to be added to your revenue total.
Hover over the Reports tab. Click on the Accounting/Financials sub-tab and then click Refunds.
Sort the report for the tax year using the Date Range filter.
The Created column is NOT THE DATE OF THE ORIGINAL TRANSACTION. It is the date the refund was done. You only need to add transactions that were processed within the tax year. Once the report has loaded, click on the dates under the Created column and confirm the Original Payment date falls within the tax year you’re reconciling and the payment method is a credit card transaction.
⚠️ If you have multiple locations under 1 EIN or Sole proprietorship, your 1099-K will be combined and you will need to complete reconciliation for each location.
Note: If you have any discrepancies, it's likely because transactions processed on the last day of the month will be reported in the next month’s income.