2018-02-13 00:00:00TaxesEnglishLearn how a small business owner can deal with a necessary change of the sales tax rate on outstanding invoices.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/03/accountant-reviews-outstanding-invoices-during-sales-tax-rate-change.jpghttps://quickbooks.intuit.com/ca/resources/taxes/oustanding-invoices-sales-tax-rate-change/How to Deal With Outstanding Invoices During Changes to Sales Tax Rates

How to Deal With Outstanding Invoices During Changes to Sales Tax Rates

3 min read

How do you get paid? If you’re a small business owner that accepts or wants to accept credit cards, QuickBooks makes it easier than ever to do so.

QuickBooks recently launched a new bundle for QuickBooks Merchant Services (QBMS) that allows any small business to get paid in their office, store, or on the go, so you can keep your [cash flow](https://quickbooks.intuit.com/ca/resources/self-employed/tips-and-tricks-to-improve-your-cash-flow/) in great shape. Your small business can now accept credit card payments with QuickBooks desktop software and on your iPhone or iPad through GoPayment.

## QuickBooks Basics

Instead of applying for QuickBooks Merchant services and GoPayment separately, you can now use a single account to access both payment solutions.

If you’re a QuickBooks Desktop user, sign up for QuickBooks Merchant Services and select the GoPayment card reader within the application. If you currently use QuickBooks Merchant Services, you can already process credit cards in GoPayment with your QBMS account. Simply request your card reader. Download the GoPayment App from the [App Store](https://itunes.apple.com/us/app/quickbooks-gopayment-pos-credit-card-reader/id324389392?mt=8) or [Google Play](https://play.google.com/store/apps/details?id=com.intuit.intuitgopayment&hl=en), and log into GoPayment using your QBMS account email and password.

The forms of payments you can accept with the QuickBooks Payments Bundle include:

* Debit and credit cards (VISA, MasterCard, and AmEx) in QuickBooks
* Debit option requires a separate pin-pad terminal (Monthly costs apply)
* Credit cards (currently only VISA and MasterCard) in GoPayment

Credit card transactions made through GoPayment don’t automatically appear in QuickBooks.

## How to Accept Payments with QuickBooks Online

QuickBooks Online allows you, as a small business owner, to accept online payments and credit card payments. Take the following steps to set up QuickBooks to accept payments:

1. Click the Gear menu in QuickBooks, and click Company Settings in the Settings section.
2. If you aren’t already subscribed to a Payments plan, click Payments, and then click Learn More.
3. Choose a plan, and enter all the required information, including bank account information for recording deposits.
4. To create an invoice that offers payment options, click the plus sign at the top, and click Invoice.
5. Enter all the required information, and choose the types of online payment you accept.
6. To receive mobile payments, click the plus sign at the top, click Receive Payment, and click Enter Credit Card Details.
7. Either enter the credit card information of your client, or swipe the card with the free card reader from QuickBooks.

## Use the QuickMath Tool to Quickly Calculate Payments

When using QuickBooks, you can make calculations using the calculator under the edit tax, or you can pull up the calculator on your computer, phone, or tablet. However, the QuickMath calculator is the best option when you want to save time. To access this handy tool, click inside the field you want to calculate, and type the equal sign. A small field, designed to look like the paper tape generated by an old adding machine, should appear.

Type in the numbers you wish to calculate as well as the necessary addition, subtraction, division, or multiplication signs. The QuickMath calculator generates answers as you enter numbers. If you want to clear the field, hit the C key. Use the escape key to leave the calculator.

## Streamline Payments with QuickBooks Online and Square

Are you spending more time manually entering data and filling out spreadsheets than you spend on your customers? When your business closes at the end of each day, is your work just getting started?

QuickBooks Online and Square are here to help, allowing your small businesses to seamlessly import all daily payments made through the platforms. This helps [protect your small business from fraud](https://quickbooks.intuit.com/ca/resources/security/preventing-credit-card-fraud-business/), thanks to the integration app [Sync with Square,](https://appcenter.intuit.com/app/apps/appdetails?shortName=app-b7qjt5yrgg&locale=en-CA&cid=par_square_soc_SQCANtownsq) available in Square App Marketplace.

Sync with Square also saves you time by automatically importing Square sales datainto QuickBooks Online. You can set up the integration with just a few clicks. QuickBooks Online then provides a detailed breakdown of all Square transactions, ensuring your financial data is accurate and up to date. Spending less time managing your accounting allows you to spend more time building relationships with your customers and growing your business.

Keeping up with your finances is essential when you’re a small business owner. You need an online software program that helps you organize accounts receivable, inventory, accounts payable, payments, and so much more. QuickBooks Online can help you get paid faster. Start [accepting payments today](https://quickbooks.intuit.com/ca/payments/) with QuickBooks.

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

Using the Cash Conversion Cycle in Cash Flow Analysis

Small wholesale or retail businesses require a delicate balance between inventory and…

Read more

A Complete Guide to Dealing With Credit Card Payments

Days sales outstanding measures the number of days it takes your business…

Read more

Financial Analysis: Cash-to-Cash Cycle

Your small business thrives on sales and cash flow. You use cash…

Read more