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The Basics with QuickBooks!

custom_extract.pngBefore 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.

1. Tax rates in QuickBooks:
      • To see your tax rates in QuickBooks, click Sales tax on the left hand side
      • To add a new tax rate, click New Tax and select the 'Sales tax for another province/territory' radio button, if needed.
      • If you are in Canada and you choose a province that has a provincially-regulated sales tax (QC, BC, SK, MB), you’ll need to enter more 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.
2. Here are our recommended Receipt Bank tax settings for the majority of our clients:
      • 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!

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