This document outlines the procedures to set up transfer taxes in QuickBooks® for Canadian users.
Transfer Tax Set Up: QuickBooks/GlasPac LX v6.3.119
Complete the following steps to complete the QuickBooks/GlasPac LX transfer tax set up.
- Create an account in QuickBooks to track Transfer Taxes (other current liabilities). This account should always have a $0 balance. It cannot be a Sales Tax Account.
- Delete or rename any QuickBooks item with the name Transfer Tax.
- Import the Chart of Accounts from QuickBooks to GlasPac LX.
- Add the account created in Step 1 to the Offset GL for the GL account associated with the GST Tax in the GlasPac LX GL Code Mapping
When the first invoice using transfer tax is exported, the integration creates a non-inventory item for Transfer Tax in QuickBooks.
The GST Tax remains on the insurance side of the transaction. A non-taxable line item for Transfer Tax is added to the insurance document deducting the amount of transferred tax. A matching line is added to the customer document adding the amount of transferred tax. Sales Tax Reports in QuickBooks reference the Insurance Invoice.
Nothing Changes in the procedure