Velocity Global Contractor Management automatically imports and sorts your transactions and calculates your financial snapshot. Once you link the accounts you use for business, like your credit and checking accounts, our bookkeeping feature estimates the taxes you owe.
Set Up Income & Expenses
To get started, navigate to Financial Benefits in the left-hand panel and select Income & Expenses. From the Income & Expenses dashboard, click the Set up Income & Expenses button:
Click Link account and follow the steps to link your bank through our verification partner, Plaid.
After linking your account, you can choose which accounts contain business transactions and whether any accounts are dedicated business accounts. Then click Continue:
Click Review transactions to finish linking your account and import transactions.
You will then need to configure your tax profile, including your tax filing status, state of residence, estimated annual freelance income, and estimated annual freelance expenses.
Your synced transactions will be shown for the linked account, and you can select any or all of the listed transactions to classify them as business income. After selecting the necessary transactions, click Finish income review:
Finally, click Go to my income & expenses to finalize set up:
Income & Expenses Dashboard
From your Income & Expenses dashboard, you'll see Your Accounts on the right-hand side. You can add or remove an account by clicking the Manage button. You can also click the calendar icon in the top-right corner to see transactions from the previous year:
Profit & Loss
The Profit & Loss tab tracks your income as well as deductible expenses and provides an estimated tax amount for the year:
Transactions
After linking your accounts, the Transactions tab will display all your recent transactions, including deposits and expenses. By default, only your tax-deductible transactions are shown.
We support three types of transactions for your deposit and credit card accounts:
Income: Money you earn for work is considered Income. These transactions add up to your business profit and shouldn't include income from other sources (e.g. W2 income, interest, capital gains, or income tax refunds).
Internal Transfers: Money you move between accounts, such as paying a credit card bill, is considered an Internal Transfer. These transactions are excluded from your Profit & Loss.
Expenses: The money you spend is considered a regular transaction. These transactions are automatically classified and organized into categories.
Importing Transactions
You can import new transactions by clicking the Add Transaction button, or by clicking the dropdown arrow and selecting an option from the menu:
Add a Single Transaction
In the popup window, enter the amount, category, name, and transaction date, then click Add transaction:
Changing Categories
You can choose any of the categories shown below to classify your expenses. To see each subcategory, you can click the arrow:
If you would like to choose a category that's not listed, you can choose the Custom expense option under each main category.
Editing and Deleting Transactions
You can edit any created or imported transaction by selecting the transaction and choosing an option from the Actions dropdown menu. You can delete a transaction by clicking the trash icon:
In the Actions dropdown menu, you can choose to rename an expense, mark it as not tax deductible, update the category, or update the amount. If you mark an expense as not tax deductible, it will be hidden from the transactions list:
Reports
The Reports tab summarizes the top categories and merchants for your expenses. You can also request a copy of your Schedule C form or Tax Summary Sheet for the year by clicking the links under Tax-ready documents.
When you click on the links, you will receive an email with the below information for each form:
Schedule C: A Schedule C form reports how much money you made in your business. This form must be included with your income tax return if you had self-employment income.
A Schedule C has five sections. Part I includes a list of all income your business generated and gross profit. Part II contains your business expenses and net profit or loss. You only need to complete Parts III through V if your business requires you to purchase inventory. For more information on the Schedule C form, click here.
Tax Summary Sheet: The Tax Summary sheet includes a Schedule-C Tax Summary, your Income & Expense transactions, and your Profit & Loss statements. You can share this sheet with your accountant to file your taxes or file yourself with a tool like TurboTax.
For questions about the Income & Expenses dashboard, please contact our Support Team.