Tracking sales tax in QuickBooks can be cumbersome so that is why we have at least three ways that you can use Transaction Pro Importer 5.0 to accurately reflect your sales tax. Below we will discuss the various options.
Option 1: Let QuickBooks calculate the tax for you. If you already have the customers and items set up in your QuickBooks company file no need to map any data to the QuickBooks fields, Sales Tax Item and Sales Tax Code, as Transaction Pro Importer 5.o will record the appropriate taxes based upon the sales tax items and codes on your customers and items in QuickBooks.
Option 2: Include the Sales Tax Item and Sales Tax Code in your import file and Transaction Pro Importer 5.0 will calculate the tax at the bottom of the invoice.
In the screen shot below from Transaction Pro Importer 5.0 for QuickBooks the user has provide the sales tax item and the sales tax code.
The screen shot below depicts how the sales tax is calculated at the bottom of the invoice.
Option 3: Provide the total amount of the sales tax on each line of the invoice and have the total sales tax show as a line item on the invoice.
Often times e-Commerce websites will export the total dollar amount of the tax without the sales tax item or code. You can easily import this data data into QuickBooks by first selecting the e-Commerce options below.
When you get to the Transaction Pro Importer 5.o mapping screen you will see a new field added called, Sales Tax. You will map the import file column that contains the sales tax amount in it to the QuickBooks field, Sales Tax, on the mapping screen. You will also need to provide values for the Sales Tax Item and the Sales Tax Code in the Static Value/Formula column read more here.
Then on the e-Commerce options screen you indicate the Sales Tax Item and Sales Tax Account that you want to use.
On the sales receipt you will see that the sales tax amount appears as a line item on the transaction.
If you do not already have a copy of Transaction Pro Importer 5.0 for QuickBooks you can request a free demo here.