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PayTraQer - Tax Settings Configuration

PayTraQer - Tax Settings


To access the tax settings, click the settings icon located on the top right corner of the PayTraQer Screen.


PayTraQer Settings


Configuration for Tax Settings is common across all the payment channels. For illustration purposes, Paypal settings are shown here. However, the same configurations will be available for Stripe & Square.


For QuickBooks U.S


Tax Settings PayTraQer



1. Enable Tax Processing


TURN ON this feature to bring the sales tax information from PayPal, Stripe or Square into QuickBooks.


ON: When turned on, PayTraQer sets the exact sales tax amount for your invoices and sales receipts in QuickBooks. PayTraQer handles inclusive or exclusive tax settings in PayPal, Stripe or Square and calculates the proper sales tax amount.


OFF: When turned off, PayTraQer adds the sales tax amount to the transaction total amount.  



For Global QuickBooks (CA, UK, AU, IN, SG & Other Countries)


PayTraQer tax settings


1. Enable Tax Processing


TURN ON this feature to bring the sales tax information from PayPal, Stripe, or Square into QuickBooks.


ON: When turned on, PayTraQer sets the exact sales tax amount for your invoices and sales receipts in QuickBooks. PayTraQer handles inclusive or exclusive tax settings in PayPal, Stripe, or Square. It finds the accurate tax code (percentage) in your QuickBooks based on the tax amount.


OFF: When turned off, PayTraQer adds the sales tax amount to the transaction total amount. 



2. Common Tax Code


You can set the common/default tax code for all your sales if you don't want to have complex tax codes in your sales.



3. Exemption Tax Code


There could be non-taxable or exempted items in your sales. To sync these items details accurately, you need to select the Exemption/Zero tax, Tax Code.



4. The Inclusive Tax Processing 


Enable "Do you want to apply Inclusive of tax automatically for direct payments" to apply the inclusive taxes for your transactions.


Recommended when your payment systems does not record the taxes

 


5. Shipping Tax Processing 


Configure "Common Shipping Tax code" to apply the inclusive shipping taxes for your shipping enabled transactions.


Recommended when your payment systems does not record the taxes

 


Related Articles - PayTraQer Settings:


Sales Settings: Configure Sales related fields like a bank account, customer, etc. 

Products Settings: Create/sync the products/services automatically without any manual effort in QuickBooks.

Fees Settings: Record fee information from Payment transactions into QuickBooks.

Expense Settings: Payments made to your vendors from Payment Systems can be easily synced with QuickBooks.

Payout Settings: Never miss the consolidated payouts/deposits from Payment Systems (Paypal, Stripe & Square).

Automation Settings: Automate and fine-tune the sync processes in PayTraQer.


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