Before publishing items from Receipt Bank to QuickBooks, it’s important to ensure your QuickBooks tax rates and your Chart of Accounts are set up correctly.
- To see your tax rates in QuickBooks, click Taxes on the left hand side
- To add a new tax rate, click Add Tax .
- If you are in Canada and you select the 'Sales tax for another province/territory' radio button, you need to choose a province that has a provincially-regulated sales tax (QC, BC, SK, MB). You’ll need to enter this information - Account Number: Your registration number for provincial sales tax; Filing Frequency: How often you file provincial sales tax returns; Reporting Method: Cash or Accrual.
- If you choose a province that does not have a provincially- regulated sales tax and you have already set up your GST/HST number, select the province and then click Done.
- Publishing tax data to purchases: ON (Only select OFF if you do not claim ITCs, claims ITCs based on a standard percentage, or use the Quick Method for GST/HST calculation.)
- Select a default tax rate for your country.
- Use supplier tax rates: ON
You can find these within the 'Account settings' menu under the 'Integration' tab (for custom accounts) or under 'General' tab (for extract accounts)
Please remember: if your accountants advise you otherwise, you should listen to them!