Use this guide when an Amazon marketplace pays in a currency that differs from your QuickBooks home currency, or when the Amazon settlement amount does not exactly match the later bank deposit.
Taxomate sends an Amazon settlement in the marketplace currency. For example, Amazon Canada settlements use CAD and Amazon Mexico settlements use MXN.
QuickBooks multicurrency must be on. The QuickBooks customer and clearing account used for the settlement must be in the marketplace currency. The bank or credit card account must be in the marketplace currency too, except when you send settlements as journal entries without automatic deposit. Then it can also be in your QuickBooks home currency.
To see whether Taxomate knows multicurrency is on, go to Settings > Connections and select QuickBooks. The Multicurrency line shows On or Off. If you just turned it on in QuickBooks, select Refresh preferences.
If Amazon pays a CAD or MXN settlement into a USD bank account after conversion, use a separate clearing account in the settlement currency.
Amazon Canada settlement: CAD clearing account
Amazon Mexico settlement: MXN clearing account
Final deposit: USD bank account
This keeps the Amazon settlement separate from the later bank conversion. Record the final transfer and any bank exchange fee in QuickBooks with advice from your accountant.
Amazon and your bank can use different exchange rates or deposit dates. A small difference between the settlement total and the bank deposit does not always mean that Taxomate failed to send the settlement.
Check the settlement currency, settlement date, bank deposit date, and exchange rate before changing a mapping or sending the settlement again.
Confirm QuickBooks multicurrency is on.
Confirm the Amazon customer and clearing account use the marketplace currency.
Open one settlement that is Ready to send and review it.
Select Send settlement for that one settlement first.
Confirm that it appears correctly in QuickBooks before you send more settlements.
The settlement row shows Clearing account needed. Select Open settlement on the row. The settlement page says: "This {currency} settlement cannot go straight to your {currency} bank account. Map a {currency} clearing account in Marketplace mappings and send it there. Then record the transfer to your bank account in your accounting software, using the amount and fee your bank shows."
This means the bank or credit card account that is mapped for the marketplace is in a different currency from the settlement. Taxomate does not guess the conversion. An exchange rate does not clear this hold. A clearing account in the settlement currency clears it.
If you send settlements as journal entries without automatic deposit, a bank or credit card account in your QuickBooks home currency is also allowed. Taxomate posts the journal entry at the QuickBooks rate for the deposit date. With automatic deposit, invoices with automatic reconciliation, or sales receipts, the account must still be in the settlement currency.
Fix it:
In QuickBooks, create a bank or clearing account in the currency of the settlement. See "How do I create a clearing account in QuickBooks?". On the mappings page, the Create {currency} account link can do this for you.
In Taxomate, open Settings > Connections > Manage marketplace mappings. Choose the marketplace. Set Payout bank account to that account. If the payout is negative, set Negative payout bank or credit card account to an account in the same currency.
Open the settlement and select Rebuild, then send it.
Record the transfer from the clearing account to your bank in QuickBooks. Use the converted amount and the fee that Amazon or your bank confirms.
The account currency must match the currency of the settlement or payout that Taxomate shows on the page. It does not need to match the currency that your buyers paid in. For example, if eBay pays your GBP sales out in USD, the payout is in USD, so use a USD clearing account.
Enter a rate by hand. For Amazon settlements, open the settlement, select More actions > Correct marketplace or exchange rate, and in Marketplace and currency select Change exchange rate. Enter the rate in 1 {currency} equals ({currency}) and select Use this rate. The window says that a manual rate does not replace the provider-confirmed details and does not remove posting limits. So a saved rate does not clear Clearing account needed. That hold clears when the mapped bank or credit card account is in the settlement currency (see the fix above), or in your home currency when you send journal entries without automatic deposit. A saved rate does clear Waiting for exchange rate. To remove a rate you saved, select Remove saved exchange rate.
QuickBooks allows one foreign currency on a transaction. The error means that the settlement, the customer, or the bank or clearing account use two different foreign currencies. For example, your home currency is CAD, the settlement is in SEK, and the mapped bank account is in EUR.
Use a bank or clearing account in the currency of the settlement (see the fix above). Check the Invoice customer for the marketplace too. Taxomate shows the same problem before it sends as "Not sent. A QuickBooks account, customer or bank account uses a different currency from this settlement, or the journal mixes currencies."
QuickBooks needs an Accounts Receivable account in the settlement currency. Taxomate says: "QuickBooks has no Accounts Receivable account in this settlement's currency. Create one in QuickBooks, or record a first invoice in that currency." If there is more than one, it says: "Keep one top-level account active."
If Multicurrency shows Off under Settings > Connections > QuickBooks, QuickBooks treats the entry as one currency even when Taxomate has a rate. Turn on multicurrency in QuickBooks. Then select Refresh preferences. QuickBooks cannot turn multicurrency off again once it is on.
Sometimes Amazon pays small amounts from a marketplace that you do not sell in, for example a few cents in CAD from Amazon Canada. If you have not added that marketplace to Taxomate, Taxomate does not send its settlements. Taxomate does not convert them into your home currency.
The Settlements page shows one row for each such marketplace, for example "Amazon Canada is not added to Taxomate". The row shows the number of unsent settlements, their total in the marketplace currency, and the months they cover.
To clear them:
If you need the amounts in your books, record them yourself, for example as one journal entry. Ask your accountant which rate to use.
Select Archive all on the row. If there are more than 50 settlements, the button archives 50 at a time.
Review the list. Then select the Archive button, which shows the number of settlements, for example Archive 12 settlements.
Archive only hides the settlements. It does not send or delete anything in QuickBooks. Taxomate does not archive a settlement that has sent entries. To show an archived settlement again, open the filters on the Settlements list. Under Archived, select Archived settlements only. Select the settlement, then select Restore settlements in the selection actions.
If you want Taxomate to send these settlements, add the marketplace in Settings > Connections. QuickBooks multicurrency must then be on (see above).
Contact support if a settlement shows Sending is blocked, Totals do not match, or a currency error. Include the marketplace, settlement ID, settlement currency, bank deposit date, and amount. Do not send again a settlement that is already in your books.
