taxomate allows you to set up accounting and tax mapping so your settlements can be properly exported to QuickBooks/Xero/Wave.
OPTION A. Using Recommended Mappings
In order to use the recommended mappings, simply select Save for each marketplace in Quick Setup. taxomate will automatically create these accounts in your accounting system.
Payments Settings: In the last step of quick setup. You will see
OPTION B. Using Custom Mappings
In Quick Setup, you also have the option of selecting your own accounts from QuickBooks/Xero/Wave for each transaction category.
If you need to make any changes to these accounts after completing Quick Setup, you can always go to the Accounts & Taxes page and select Update Mappings at the bottom right of the page.
Account and tax mappings may differ per country/region, so you may receive an error if your accounts and taxes are not set up correctly in QuickBooks/Xero/Wave.
If you made changes to the mappings but you want to use the recommended mappings again you can go to Accounts & Taxes. Scroll down to the bottom and select Use Recommended Mappings..
OPTION C. Using Custom Advanced Mappings
To use advanced mappings, including Sales Tax Codes please scroll to the bottom of the Accounts & Taxes page and select Enable Tax Code Mapping. The Account or Sales Tax Code must first be generated in QuickBooks/Wave/Xero before it can be selected in taxomate.
Select the Account and Tax Rate for each transaction type and select Update Mappings to save your settings.