What are Accounts & Taxes?

Why do I need to map transaction types and/or sales tax codes?

Updated over a week ago

The mapping feature in taxomate allows you to match your Amazon transaction types (e.g., advertising, sales, etc.) to the Chart of Accounts in your accounting system.
Your Chart of Accounts is one of the most important features of your accounting software. It is a list of assets, liability, equity, income, and expense accounts to which you assign your transactions. This is necessary to run reports in your accounting system and keep proper books and records.
taxomate automatically groups individual transaction types from your Amazon settlement data to larger categories linked to your Chart of Accounts. This makes it easy to get started using taxomate and provides flexibility for more advanced users.

Default Accounts

During Quick Setup, taxomate will create a number of accounts for you in your accounting software (unless you use your own custom accounts during setup). As explained, to keep things simple, Taxomate only uses a limited number of groups. These can be further customized after the Quick Setup process in Accounts & Taxes.

Transaction Type Account & Taxes

On the Accounts & Taxes page, you will see each transaction category can be expanded by selecting the Advance button.

πŸ‘‰ Under each category, we display the different line items that have shown up in your Amazon settlements. For further customization, you can map these to separate accounts and tax codes.

​What does the term, ItemPrice mean?
β€œItemPrice” means any type of revenue relating to the product sale. This is found in Orders, Shipping Expenses, Giftwrap, and Taxes.
​What does the term, ItemFees mean?
β€œItemFees” means an Amazon fee related to the product sale. You see this most often in Shipping Expense, Commissions and Selling Fees, and Giftwrap.
​Sales Tax Codes
You can also map each transaction category to a sales tax code. This is helpful if you are using taxomate to calculate VAT.
​Advice on Getting Started
Beyond the default accounts created by taxomate, mapping transaction types to accounts and sales tax codes usually requires some knowledge of accounting. We recommend working with an accountant or bookkeeper (such as one of the taxomate partners) if you have any difficulties.

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