Our expertise lies in helping you extract information from Time To Pet, which can be a crucial step in your tax preparation process. However, it's important to note that the specific data you require will depend on your business's structure and accounting method, as well as the local laws and regulations your company is subject to. We want to clarify that while we can provide you with data-related assistance, we are not qualified to offer tax or accounting advice. Managing your business and addressing tax-related matters can be complex, whether you're new to filing taxes for your business or have been doing it for years.
It's worth mentioning that Time To Pet is not designed to function as accounting software or a payroll processor. We do not have the capability to track business expenses or payroll taxes. Instead, our role is to clarify what information we can provide and guide you on where to locate it within our platform. This data can then be shared with your accountant or tax professional, who can provide you with the necessary tax and accounting guidance tailored to your unique situation. Below, you'll find information and guidance on various topics related to tax time to further assist you in navigating this critical time for your business.
IN THIS ARTICLE
Understanding And Selecting The Correct Financial Reports
At Time To Pet, we offer various financial reports to assist you (and your accountant or bookkeeper) in keeping track of your business finances.
If you're uncertain about which report to provide to your accountant or tax professional, share this article with them for clarification: Understanding The Different Financial Reports. They can review it and suggest the most suitable reports for your business taxes.
Advanced Webinar on Reporting
For a more in-depth understanding of the different types of reports available in Time To Pet, we have hosted a webinar that covers this topic in more detail and with added visuals: Advanced Webinar - Reporting.
Analyzing Financial Data Discrepancies
If you encounter discrepancies in your financial data within Time To Pet and need further clarification, our article on this subject can guide you: Analyzing Financial Data Discrepancies In Time To Pet. This article is particularly helpful as it has a chart with exactly what information is included in each report.
Time To Pet Subscription Payments
To locate your Time To Pet subscription payments, follow these steps:
1. Log in to your Time To Pet account.
2. Go to the Billing section.
3. Click on the Payments tab.
Note: Time To Pet does not send invoices for subscription payments; we only send receipts by email each month when your payment is processed. If your accountant requests invoices or receipts of these payments, please check your email. If you cannot locate them, reach out to us at email@example.com and let us know the date range you need, and we can re-send these emails.
Credit Card Processing Fees
Depending on which payment processor you’re integrated with, you can find the credit card processing fees for last year as follows.
For Customers Using WePay
Please note that as of 12/31/23, WePay is no longer available for payment processing; however, data for past credit card processing fees is still available.
There are two places to generate a report on payment processing fees.
One is in Invoicing > WePay > Withdrawals tab, just above the graph. This report is based on when the withdrawals were initiated to send to your bank account.
The other report is on the same page but in the Payments tab. This report is based on the date of the payment.
For Customers Using Time To Pet Payments powered by Stripe:
There are two places to generate a report on payment processing fees.
- One is in Invoicing > Payments > Payouts tab, just above the graph. This report is based on when the payouts were initiated to be sent to your bank account.
- The other report is on the same page but in the Payments tab. This report is based on the date of the payment.
Note: Depending on your processing volume and the minimum IRS requirements for the year, Stripe may have issued a 1099-K that totals payment processing fees based on the date the payment was estimated to be available to you in your bank account. You can check your Stripe Dashboard to see if one was delivered for the most recent tax year. For more info on this, check out our 1099-K FAQ.
If your company collects Sales Tax, we offer a couple of different reports with information on how much tax was added to invoices and what was actually collected. You should review each report and determine which one works best for your company regarding accounting methods and the local laws and regulations your company is subject to.
To determine how much sales tax was added to invoices, you can generate a Sales report in Reporting > Financial > Sales. When generating a Sales report, you must choose whether to filter the report by invoice date or due date, and you have the option to choose only paid invoices or all invoices (unpaid and paid). This report will not consider the dates of payments on the included invoices nor the dates of line items or events within the invoices.
Applied Payments Report
The Payments - Applied report lists all payments made within a specified date range that are currently applied to an invoice. The total amount of applied payments, taxes, and tips your company has collected through applied payments can be found along the top of the report. If your company collects sales tax, this report also includes a strip of data at the bottom of the screen that calculates how much of the listed payments are made up of taxes. This report is located in Reporting > Financial > Payments. Here is a help doc that gives a breakdown of how to interpret this report: Analyzing Financial Data Discrepancies In Time To Pet - Payment Reports
Pay Stub/User Invoice Reports
To see how much money was included on pay stubs or user invoices, follow these steps:
- From the main Dashboard, go to Staff (or Users) > Pay Center
- Enter the tax period date range, then click the “Refresh” button
- Click “Download” and then “Download Summary”
A .csv file will be downloaded to your device with columns that break down the total paid, total minus tips, and total tips for each pay stub. You can then use your spreadsheet software to calculate the totals in each column.
Profit and Loss Statements (P&L) and Net Revenue
While it’s possible to generate pay stubs for staff in Time To Pet, Time To Pet is not built for accounting tasks like recording business expenses, payroll taxes, or generating P&L statements that calculate leftover revenue after paying staff. For these calculations, you should use dedicated accounting software or consult an accounting professional outside of Time To Pet.
We trust you will find this resource very helpful as you navigate tax-related matters. It's important to note that we are not qualified accountants, and our primary role is to assist you in efficiently extracting data from our platform for your tax needs. Please feel free to contact us at firstname.lastname@example.org if you have any questions or require further assistance.