2016-11-21 00:00:00 Payment Processing English Learn how a cloud-based payment processing system can make the collection and tracking of sales tax easier. Review the basics of how these... https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214815/Small-Business-Owner-Uses-Cloud-Payment-Processing-System-For-Accurate-Sales-Tax-Collection-Accounting.jpg Use a Cloud Payment Processing System for Sales Tax Collection

Use a Cloud Payment Processing System for Sales Tax Collection

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A cloud-based payment processing system can make collecting sales tax as well as accounting and bookkeeping easier and less prone to errors. For example, with QuickBooks Online Payments, you send an invoice to your client and enable the system’s online payment option. When your client receives the invoice, he pays online and enters his credit card details, and the funds are dispatched to your bank account.

On each invoice, you can customize the sales tax rate and the type of tax depending on the location of your client. When your client pays the invoice, the payment is instantly recorded in your accounting software, with the tax noted separately. That streamlines the process of collecting sales tax and tracking it. By extension, that makes it easier to file sales tax returns with the Canada Revenue Agency or the provincial governments that collect provincial sales tax.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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