hey it's patti scharf CPA and co-founder of catching clouds the leader in
e-commerce accounting and today we're going to wrap up our discussion on sales
tax
over the past few days past week or so ever since the US Supreme Court made
their ruling on the sales tax you know South Dakota versus wayfarer you can you
can watch this video here and get more information about that we've been
talking about what the impact is going to be to online sellers we've been going
through questions and answers on some of the biggest concerns about these changes
but I wanted to wrap it up by talking about the the implications in your
accounting systems and what apps you should use and basically talk about how
all that kind of works together because I know a lot of people are brand-new to
this topic they don't even really know where to start so I want to give you a
push in the right direction so let's get started all right so I want to I want to
just talk about the basics so that we're talking about the same thing
so when you take a look at your shopping cart you are are you're now collecting
sales tax you've already registered to get your sales tax license now you're
collecting in these different states and you set up your shopping cart to begin
collecting sales tax okay now what happens is let's say you sell
something for $100 the sales tax where you're collecting this from is 8% so
you've got eight dollars in sales tax I've heard some people online being like
oh well at least with this you know it'll increase all of our sales
just because we're collecting sales tax and that's not really how it works
sales tax is not money that belongs to you it's not a sale it does not go on
your income statement it goes on your balance sheet as a liability so don't
get freaked out by the terminology basically it's just like a credit card
or a loan or anything else this money doesn't belong to you you're collecting
it on behalf of the government you hold on to it until it's time to send it in
to the government okay that's all it is so you have that split up
you've got the liability on your balance sheet you've got your sales on your
income statement okay so how do you get that information into
your books most people are using a tool like Xero or QuickBooks Online it's
going to look something like this ok a lot of people they try to set up a link
between the their shopping cart and your accounting system I would HIGHLY
discourage you from doing that please please watch this video on Shopify even
if you don't sell on Shopify the theory is exactly the same whether you're
selling on Magento we're big commerce or Etsy or eBay or anything else you you
really don't want to be pulling in transaction-by-transaction if you're
selling on Amazon that's really good news for you because there's a tool
called a2x that you can use to help pull that information in cleanly so a lot of
people who are using Xero or QuickBooks Online they'll ask how do you set up the
sales tax codes and things in the accounting system I would say just
forget about that altogether just use a plain old current liability account just
to record all of the sales tax that you've collected from all the different
places you don't need all that detail in there again watch that video that I I
pointed you at and and you'll understand why we don't want to crush your system
all we're trying to do is get a grand total of the sales tax that you have
collected that you need to remit to the various states ok if you are looking for
a blow-by-blow on how we handle the accounting I highly recommend you check
out one of our courses down below we've got accounting for Amazon and accounting
for Shopify each of them is like four and a half hours long and we'll walk you
through the whole process all right so how do you actually file
your sales tax returns you've already registered in all the different states
where you need to collect and you've set up your shopping carts and everything's
being collected you've recorded everything in your accounting system how
do you get that stuff filed this is really really complex stuff I would
highly encourage you to use a tool to help you with this process it's just
going to save you a lot of brain cells okay so the the big players in the
industry right now our tax jar taxa file volara check out any of those you can
check out their websites they've got great blogs with tons of information
about sales tax and all the different states and whatever new is going on so
so definitely check out those two educate yourself about what's going on
keep in mind that even if you use a tool like this it's not going to be a set it
and forget it kind of a situation you need to keep an eye on things and make
sure things are running smoothly because you are the one who's going to be on the
hook if there are any problems in your filings okay all right so when you set
up these applications you're going to be getting information directly a direct
integration with Amazon shopify bigcommerce any of those big ones
there are they may not have integrations with everything that you need so if
you're selling on a smaller platform like house or Wayfarer or Laura or if
you have like business-to-business sales or you have manual orders that aren't
listed in the shopping cart it's you know outside of your normal systems
those applications aren't going to have access to that other information so you
need to make sure that all of your orders are in your application okay
doesn't matter which one you're using so you need to make sure that the
information that's coming in it's being calculated properly and anything that
you have outside of the information is included in there so you've got
everything okay and then what you're going to do is you're going to compare
the sales tax liability in your accounting system to what you're going
to be filing with your your sales tax returns and just make sure that they're
in alignment your a couple of places that you want to keep a close eye on are
things like what eight are they using for their orders if
you're using let's say the shipping date over here you want to make sure using
the shipping date over here because you you just want everything to always be in
alignment okay so now you have your counting and alignment with your sales
tax information you file your sales tax returns once those have been filed with
the state you download a copy you create a bill in your accounting system when
you code it to that sales tax liability account what's going to happen is the
payment against there is going to reduce your liability so then you can start
fresh the following month collect sales tax file your returns pay in the sales
tax recorded in your books done
so I hope this video helped you I it can be a really kind of painful process but
if you set it up right usually really there aren't that many problems with it
you just have to keep an eye on it and I wish you the best of luck so if you like
this video please like comment and share if you haven't already please subscribe
to our Channel and we'll catch you later
For more infomation >> Bệnh Quá Nặng Chạy Chữa Khắp Nơi Không KHỏi Hãy NIỆM Câu Này - Triết Lý Sống - Duration: 19:38. 
For more infomation >> La reina Letizia no pasa desapercibida con su arriesgado nuevo peinado en Cataluña - Duration: 2:53. 
For more infomation >> Grandes documentales - En busca de esplendores secretos: Los cristianos de Etiopía - Duration: 25:21. 
For more infomation >> Делай это до 8 утра и станешь миллионером – Секреты успеха Стива Джобса и других богатых людей - Duration: 3:53. 
For more infomation >> Vừa LÁI XE Vừa TẮM - Bảo Ren - Duration: 8:24. 
For more infomation >> TOP 10 - AS MELHORES MÚSICAS DE JUNHO 2018 - Duration: 3:34. 
For more infomation >> TÉCNICA TELEPÁTICA para CURA acerto de contas e Perdão - Duration: 13:29. 
For more infomation >> Tổng Hợp Nhạc Nostop Thái Lan Hay Nhất 2018 - LONG VAN MUSIC - Duration: 56:33. 
For more infomation >> 宙船(そらふね) 中島みゆき フル 歌詞付き (画面下欄の右から４番目の字幕ボタンを押すと歌詞が表示されます) - Duration: 4:06. 
For more infomation >> Có ai muốn nghe Lilian Thần Tượng Âm Nhạc hát không ? Phụ đề tiếng việt Full HD - Duration: 4:08. 
For more infomation >> Fin 中森明菜 フル 歌詞付き (画面下欄の右から４番目の字幕ボタンを押すと歌詞が表示されます) - Duration: 4:08. 
Không có nhận xét nào:
Đăng nhận xét