Making Tax Digital is something that the UK is bringing in which means not only do all records of transactions have to be stored digitally, and VAT returns submitted to HMRC digitally, but there needs to be a Digital Link to move any data from one system to another. NO Copy and Paste of data is allowed, or other such manual processes that would allow for human error
I use Quickbooks Online to manage my accounting. What I have done previously is generate a report from Shopify of my sales by country, and knowing that I need to chare 20% VAT on UK and EU sales, and no VAT on other places, I use this to manually create a Sales Receipt on Quickbooks with the suitable VAT levels, and therefore my accountant can submit my VAT returns, I pay the correct taxes and all is OK.
As this is no longer going to be an option, I need to find ways to digitally link my shopify sales (as well as iZettle and Etsy sales) into Quickbooks to get it to generate sales receipts for all of my sales, including VAT charged, as well as any fees that I have been charged for payment processing.
Is anyone else doing this with Quickbooks, and what are you using to Sync your data?
|11-16-2019 10:42 AM|
|11-15-2019 09:44 PM|
|11-15-2019 08:53 PM|