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In Part One of this series, we discussed the initial contact with the auditor in response to the notification of your upcoming audit. In Part Two, we will cover two of the main areas that the auditor will be examining to find errors in tax filings: use tax payments on purchases and collections of sales tax on your own sales.
You’ve just received the notice from the State Revenue Department that they have selected your business for a sales and use tax audit. Once you get you’re heart beat slowed back down to normal, what should be the first thing you do?
You have probably heard the term ‘sales and use tax’. Most people understand what sales tax is but many do not understand the second part of that phrase, use tax. What exactly is use tax and how does it relate to sales tax and your business?
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Part 3: Handling Sales Tax
QuickBooks is an accounting application and FreshBooks is an invoicing application. They are two different things, but in the end to have your data matching in both, there could be a ton of double entry resulting in valuable time consumed and strenuous effort.
You can have your data accurate in both, while not matching in both. Matching and accuracy are two different things. For all of the numbers to match up, it is a matter of accuracy. To have all of the details such as sales items etc. it would be a matter of matching.
In this blog post, I will begin to show you ways to get accurate data from FreshBooks into QuickBooks.
This blog post is Part 3, if you have not read the previous posts, I suggest that you do:
Part 1: Methods 1 & 2 to getting FreshBooks Income into QuickBooks
Part 2: Method 3 to getting FreshBooks Income into QuickBooks
Also useful, is my post: Handling Credit Card and PayPal Processing Fees in QuickBooks, which has a short segment relating to FreshBooks as well.
