Taking money and giving it back
Who issues the 1099?
There's no video on this page yet. The answer is the real one. When we film it, this same page gets the tape.
Stripe issues the 1099-K, not RecSystems. Money goes through Stripe to your bank, so Stripe is the settlement entity. The 1099-K reports gross payments, including the service fee the guest paid. If guests fund the 10%, that form can be higher than what you kept — deduct platform fees as a business expense.
Read costs and fees, then who pays the 10%.
How it actually works
The tax form follows the settlement entity. RecSystems is not paying you out of a RecSystems bank account.
Easy to mix up
- RecSystems mails a 1099 in January.
- The 1099-K is always equal to what hit your bank.
More money questions
How do we start taking cards?
How do I take payment when someone books by phone?
How do I send money back?
Can a refund follow the deposit rules we already published?
How do I cancel a booking and free the unit?
When does the money hit our bank?
How do I resend a receipt?
How do we sell a gift card?
How does a guest spend a gift card?
Where do I set what one rental costs?
How do I charge more on weekends?
How do I add a cleaning fee and sales tax?
Can I honor a price I already quoted on the phone?
Can guests buy weather protection at checkout?
How do I make a 15% off code?
What is the difference between a gift card, a voucher, and a coupon?
Do gift cards expire?
How do I check a gift card balance?
How do I see a card we already have on file?
How do I see the exact total before I quote it?
How do I discount people who book at the last minute?
If two price rules both match, do the percents add?
What's the difference between Invoice and House Account?
What does Waive balance actually do?
Can I take cash or a check?
What if they never pay the rest of the deposit?
Why is my payout delayed or on hold?
Do we still pay the 10% if I comp the rental?
Costs and fees
Read costs and fees, then who pays the 10%.