In Canada, you may deal with many different sales tax rates and rules.
Receipt Bank helps you ensure taxes on purchases are sent over to QuickBooks Online so you can accurately claim all of the input tax credits (ITCs).
The document below provides instructions and recommendations for dealing with sales taxes using Receipt Bank and QuickBooks Online. It does not provide a full discussion of the Receipt Bank to QuickBooks Online integration.
If you're a Receipt Bank Partner and you're looking for the second tax extraction for your clients - we're happy to let you know it is finally here! We’ll extract GST/HST/TPS and PST/QST/TVQ as two separate tax values and you can publish them using the ‘Extracted amount’.
1.To enable secondary tax extraction for a client account, please navigate to ‘Account Settings’ → ‘Account details’.
2.Switch the ‘Extract Secondary tax’ toggle ON.
3.Any item submitted subsequently, where two tax values are present, will have both values extracted.
4.By selecting ‘Extracted amount’ as the tax rate, you can publish both tax values to QBO.