If your organization has set up Tax Codes and Groups in Quickbooks Online to track the tax on sales ( viz., VAT, GST) and submit a report to the Government, you would want to leverage these codes in Fyle while an employee is creating their expense. It would also help export Fyle's expenses with the correct tax amount and code to Quickbooks.
Follow the steps below to start using Tax codes from Quickbooks Online in Fyle.
Importing Tax codes from Quickbooks Online to Fyle
1. Log in to your Fyle- Quickbooks Online integration using your Fyle Admin credentials.
2. If this is your first time accessing the Integration, kindly follow the steps here to complete the Onboarding.
3. If you have been using the Fyle-Quickbooks Online Integration for a while and are looking to set up Taxes, head to Configurations > General > Import Quickbooks Online Tax Codes to Fyle.
4. Enable the option to Import Tax codes and groups from Quickbooks Online as Tax groups in Fyle.
5. All the Tax codes and groups from Quickbooks Online would now be available in Fyle as Tax groups under Admin settings > Expenses > Taxes. If you wish to rename or disable a Tax group, you could do so from the Admin settings page.
Configure a default Tax Code for exports from Fyle to Quickbooks Online.
You could also set a default tax code for the expenses exported from Fyle to Quickbooks Online. Default Tax Code would be helpful when the expenses from Fyle do not carry a tax group, but this is essential to export the records to Quickbooks Online successfully.
Navigate to General Mappings > Default Tax Code; select a value and save.
Mapping Tax groups from Fyle to Tax codes in Quickbooks Online
If you have already created Tax groups in Fyle and now wish to map them to their counterparts in Quickbooks Online, you could achieve this in the Tax Group Mapping section of the Fyle-Quickbooks Online Integration.
6. To map a Fyle Tax group to Quickbooks Online Tax Code/ Group, head to Tax Group Mapping and hit New Tax Group Mapping.
7. Select the Tax Group from Fyle and its counterpart in Quickbooks Online to complete the mapping.
8. Now, all the expenses that carry the tax group value created in Fyle will be exported to Quickbooks Online with a corresponding Tax code as per the mapping established in the Tax Group Mapping section.
Some points to note:
The option to Import Tax code and Map Tax group would be available only if you have established the Integration with a non-US subsidiary of Quickbooks Online.
If you have created any negative Tax rates in Quickbooks Online, they cannot be imported or mapped to a Fyle Tax Group.
Sample Expense exports from Fyle to Quickbooks Online showcasing Tax code
If you need assistance in setting this up, do not hesitate to contact us at [email protected].