One of the most stressful things in the Accounting world is taxes. Not only do you want to get it right, but you don't want to make a mess and get penalized. 

Here's some helpful information on easily recording your taxes in QuickBooks and lowering the stress each quarter or month.

Get the Right Rate:

QuickBooks is not equipped to support the wine industry, especially in the US. There are different tax rates across each county, and sometimes even within a county, specific tax differences are based on zip code. QuickBooks simply cannot handle it.

If you're using ShipCompliant or Avalara, that can help your monthly or quarterly tax remittance. But what about recording all of that in QuickBooks? Do you set up hundreds or thousands of different Sales Tax Items, all named based on the city or county you ship to? Is there an easier way?

Taxes Don't Have to be Taxing!

With WGits, your process can be greatly simplified. When WGits sends orders into QB, we automatically use whatever tax rate was charged in your eCommerce platform. That ensures that QuickBooks is 100% accurate with your eCommerce system. The taxes all get lumped into one single Sales Tax Payable Liability account. At first, this may seem strange, but once you use a report (either from ShipCompliant, Avalara, or your eCommerce platform) to obtain how much tax you've paid to each region, the rest is a breeze.

The Easiest Way to Record Tax Payments

You can simply set up your states and counties as "vendors" and pay the taxes as "bills". This keeps a clear record of what taxes you have owed and paid, and an audit trail can easily be followed. 

What about keeping an accurate Profit and Loss record? Stay tuned for more great tips!

Testimonial: 

"Ever since I installed WGits, it has saved me hours and hours each month by not manually entering transactions into QuickBooks! Thank you, WGits, you are a life (and time) saver!"

~Joe Lazarra 

Co-Founder and Proprietor

Jazz Cellars