![]() ![]() ![]() ![]() The other approach is to separate the tax collected into a liability account, such as 'sales tax collected' - this approach is more common in the US. In this approach your accounting system will split the sales and tax amounts for you. One approach is you can consider the tax amounts part of a gross sale amount, and map them to sales at the same tax rate that you chose for your sales. When configuring your mapping for taxes there are two main approaches. Tax - This is tax charged on the amount paid by your customersÄiscountTax - This is the amount of tax reduced due to discounts. ShippingTax - This is tax charged on the shipping amount paid by your customers ShippingNotTaxed - This is revenue from the shipping amount paid by your customers where no tax was charged (for example zero rated or exempt sales) ![]() Shipping - This is revenue from the shipping amount paid by your customers When configuring your mapping for sales, in some countries or jurisdictions you will configure a tax rate on sales (for example 20% VAT on income, or 10% GST on sales) where in countries like USA, you will likely select 'no tax' on the sale amounts as the sales tax collected is handled in the tax section below. ProductSalesNotTaxed - This is revenue from the sales of goods or services where no tax was charged (for example zero rated or exempt sales) ProductSalesExcludingTax - This is revenue from the sales of goods or services ProductSales - This is revenue from the sales of goods or services In this article we'll explain the various types of transactions you see in A2X and what they mean. We recommend consulting with an accountant or financial adviser on this, to ensure what you have configured is right for your business. These mappings will differ depending on the type of business you operate, which countries and tax jurisdictions you operate in and the sort of financial reporting you need to manage your business. In order to do that, A2X needs to know how you want to map the transactions in Shopify into the accounting ledger - this is done on the Accounts and Taxes mapping page. A2X imports the order and transaction data from Shopify and maps it into accounting transactions in your accounting system. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
December 2022
Categories |