First Direct Statements for 1099 Reporting
Preparing First Direct bank statements for 1099 reporting? Businesses issuing 1099s need to verify contractor payments against bank statements. Manually cross-referencing PDFs with payment records is time-consuming and error-prone.
Convert First Direct Statements Instantly
BankScan AI converts your First Direct statement PDF to a clean Excel spreadsheet in seconds — handling DD MMM YYYY and minimalist single-column layout with transaction type codes and running balance, similar to HSBC but with simplified headers automatically. Convert bank statements to Excel to quickly filter and identify all contractor payments, verify 1099 amounts, and ensure IRS compliance before January filing deadlines.
About First Direct Statement Format
First Direct statements follow an HSBC-family format but with a distinct minimalist layout. BankScan AI detects the variant automatically.
Getting Your First Direct Statement for 1099 Reporting
Log in to First Direct Online Banking, go to 'Statements', select the account and date range, and download as PDF. First Direct also supports OFX export under 'Download transactions' for direct import into accounting software. Download Full calendar year (January 1 to December 31), as 1099-NEC and 1099-MISC are reported on a calendar year basis of statements.
How It Works
Upload your First Direct statement
Drop your First Direct (HSBC) statement PDF. Supports PDF. Need Full calendar year (January 1 to December 31), as 1099-NEC and 1099-MISC are reported on a calendar year basis? Upload them all.
AI extracts every transaction
Our AI handles First Direct's DD MMM YYYY and minimalist single-column layout with transaction type codes and running balance, similar to HSBC but with simplified headers — extracting Payments to each contractor by name and TIN, total annual am.
Use for 1099 reporting
Download formatted Excel ready for 1099 reporting. Payments grouped by contractor/payee with annual totals, cross-referenced against W-9 information on file; separate identification of credit card payments (reported by payment processor, not payer)
First Direct + 1099 Reporting Features
- First Direct optimised — Handles DD MMM YYYY dates and minimalist single-column layout with transaction type codes and running balance, similar to HSBC but with simplified headers
- Built for 1099 reporting — Convert bank statements to Excel to quickly filter and identify all contractor payments, verify 1099 amounts, and ensure IRS compliance before January filing deadlines.
- Period coverage — Convert Full calendar year (January 1 to December 31), as 1099-NEC and 1099-MISC are reported on a calendar year basis of First Direct statements in minutes
Convert First Direct for 1099 Reporting — Fast
1099-NEC due to contractors and IRS by January 31; late filing penalties range from $60 to $310 per form depending on how late, up to $630 for intentional disregard
Convert First Direct Statement Free