2016-11-21 00:00:00Payment ProcessingEnglishLearn how a cloud-based payment processing system can make the collection and tracking of sales tax easier. Review the basics of how these...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Small-Business-Owner-Uses-Cloud-Payment-Processing-System-For-Accurate-Sales-Tax-Collection-Accounting.jpghttps://quickbooks.intuit.com/ca/resources/payment-processing/use-a-cloud-payment-processing-system-for-sales-tax-collection/Use a Cloud Payment Processing System for Sales Tax Collection

Use a Cloud Payment Processing System for Sales Tax Collection

0 min read

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.

References & Resources

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.

Related Articles

Should Small Business Owners Use Cloud Accounting Software?

Cloud software is becoming more and more prevalent for both personal and…

Read more

Cloud Accounting 101

It can sometimes be time-consuming to oversee all the day-to-day operations of…

Read more

Choosing Invoice Payment Terms

The payment terms on your invoices influence how quickly you get paid,…

Read more