I haven't launched my store yet and I just recently got Quickbooks online. I'm in the process of setting it up and figuring things out and started to wonder if Quickbooks can tell what sales revenue is taxable and what isn't? Meaning, come tax time how do I avoid paying sales tax for my total revenue even though only a portion was taxable?
Also do people usually split their sales tax revenue up on Quickbooks between state and local even though Shopify exports it all together?
Nick here from Shopify.
So I can't speak for people usually splitting their sales tax revenue up on Quickbooks, however I think in relation to whether Quickbooks can tell what sales revenue is taxable and what isn't, that would be best answered by Quickbooks support, you can contact them here. They should be able to give you some advice on that. A business tax consultant would also likely be able to provide your business with more help sorting out your taxation and accounts.
Hope this help!
In QuickBooks you mark each item as to whether it is taxable or not. When using QuickBooks Online and the shopify app the items sold are transferred. Let me know if you have any questions. Below is a link to get a discount on QuickBooks Online. You need to order the Plus version of QuickBooks Online.
I'm a bookkeeper and have to deal with this too. Welcome to my world.
First, let me sort out your question. You want to know if Quickbooks will recognize sales tax. I assume you mean when the transaction is entered into QB from Shopify thru the bank feed process. The answer is no. All you get is the net daily deposit, which do not include fees. I've been making monthly journal entries based on the Shopify reports. (Which are anemic at best.) Now I'm looking for an easier way. I just hooked up the Sync with Quickbooks Online,which is supposed to include sales tax, but I haven't researched it yet.
My issue is the the reports. The sales on the Finance reports don't match the 1099-k and I can't figure out why.
Mu advise is to research the Sync with Quickbooks Online in the Apps. You cam choose what dates you want to enter, so maybe just do a small chunk of tranactions to see how it goes. You can also choose what accounts to sync to (choose carefully), and if you want to import each customer (I vote no. You don't need a billion customer names clogging up your database). It also is suppose to override the bank feed and not dupe transactions, if you have bank feeks already have that set up.
Or you may just want to make an easy, peasy JE every month.
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Yes, QuickBooks can easily assist in order to know what are all the taxable amount and also help you to build the corresponding reports. all one need to choose QuickBooks products.
QuickBooks Enterprise is one of the most powerful software and capable enough to do all your accounting needs.
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