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Taxes

Most people don’t like taxes but they are a necessary evil of running your business! For the QuickBooks and Mydoma Studio integration to work best you want to ensure your taxes in QuickBooks match those in Mydoma Studio.

If you don't need taxes added onto the products make sure the tax column on your Mydoma invoice has an X instead of creating a 0% tax.

The first step is to compare the taxes set up in QuickBooks to those set up in Mydoma Studio. If there are any discrepancies, we will edit the taxes in Mydoma Studio to match those in QuickBooks.

  1. Look at the list of taxes currently set up in your QuickBooks account.

a. From within your QuickBooks online account first click on taxes on the left.

b. On the right click “add/ edit tax rates and agencies

** If using automatic sales tax collection, see note at the end of this section**

2. You will see a list of all your taxes within your Mydoma Studio by clicking on Studio Settings> accounting

3. Compare the taxes in Quickbooks to those in Mydoma Studio. Edit and or create taxes in Mydoma Studio to match the taxes in Quickbooks. Existing taxes can be edited in Mydoma Studio by clicking on the tax.

Create a New Tax

If you are missing any taxes from QuickBooks, simply create a new tax in Mydoma Studio by clicking “Add Tax” at the top right. Fill in the information from QuickBooks. Click "Add tax rate" to show the options to add in the rate name, agency, and tax percent. Once you are done click "Save."

Now when you export paid invoices from Mydoma Studio your taxes will be in sync!

If using the Automatic Sales Tax collection ( US only) there are a few things you need to be aware of:

With Automatic Sales Tax Collection, the amount of sales tax on an invoice is determined by your company address in QuickBooks. Therefore if your client is subject to a different tax rate than your local area, QuickBooks will automatically override the tax amount collected when the invoice is exported from Mydoma Studio to QuickBooks.

For example: You have to typically charge 4.38% sales tax, but your client lives outside of Manhattan and you’re now subject to may the full state tax at 8%. In Mydoma Studio you set up the invoice for 8% and your client pays the full amount. When that invoice is exported to QuickBooks there is a possibility it will give you an error or alter the tax rate and total amount paid based on the billing address of your business.

We recommend in order to avoid the possibility of inaccurate tax collection you should turn off the automatic Sales Collection and use and the Standard Tax Method.

However, if you prefer to use the automatic sales tax collection please be aware you may see tax discrepancies and that is outside of Mydoma Studios control and you may need to adjust in QuickBooks.

If you need any additional support, click the question mark in the upper right-hand corner to chat with a member of our team.


Taxes

Most people don’t like taxes but they are a necessary evil of running your business! For the QuickBooks and Mydoma Studio integration to work best you want to ensure your taxes in QuickBooks match those in Mydoma Studio. 

The first step is to compare the taxes set up in QuickBooks to those set up in Mydoma Studio. If there are any discrepancies, we will edit the taxes in Mydoma Studio to match those in QuickBooks. 

  1. Look at the list of taxes currently set up in your QuickBooks account. 

      a. From within your  QuickBooks online account first click on taxes on the left.

      b. On the right click “add/ edit tax rates and agencies 

* If using automatic sales tax collection, see note at the end of this section**

2. You will see a list of all your taxes within your Mydoma Studio by clicking on Studio Settings> accounting

3. Compare the taxes in Quickbooks to those in Mydoma Studio. Edit and or create taxes in Mydoma Studio to match the taxes in Quickbooks. Existing taxes can be edited in Mydoma Studio by clicking on the tax.

Create a New Tax

If you are missing any taxes from QuickBooks, simply create a new tax in Mydoma Studio by clicking “create tax” in the action bar. Fill in the information from QuickBooks.

Now when you export paid invoices from Mydoma Studio your taxes will be in sync! 

If using the Automatic Sales Tax collection ( US only) there are a few things you need to be aware of: 

With Automatic Sales Tax Collection, the amount of sales tax on an invoice is determined by your company address in QuickBooks. Therefore if your client is subject to a different tax rate than your local area, QuickBooks will automatically override the tax amount collected when the invoice is exported from Mydoma Studio to QuickBooks.

For example: You have to typically charge 4.38% sales tax, but your client lives outside of Manhattan and you’re now subject to may the full state tax at 8%. In Mydoma Studio you set up the invoice for 8% and your client pays the full amount. When that invoice is exported to QuickBooks there is a possibility it will alter the tax rate and total amount paid based on the billing address of your business. 

We recommend in order to avoid the possibility of inaccurate tax collection you should turn off the automatic Sales Collection and use and the Standard Tax Method. 

However, if you prefer to use the automatic sales tax collection please be aware you may see tax discrepancies and that is outside of Mydoma Studios control and you may need to adjust in QuickBooks. 

If you need any additional support, click the chat bubble in the lower right-hand corner to chat with a member of our team.

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