I can share some information on how you can map your products when importing and how QuickBooks Online (QBO) calculates taxes, lisaperlie.
If your item hasn't been imported yet to QBO, kindly follow the correct format so the system will directly recognize and match the details according to their corresponding fields. This way, we can reduce the manual corrections after importing.
Correct formatting includes avoiding special characters, your Income and Expense accounts must not contain subaccounts, and the Quantity as-of Date must follow the format MM/DD/YY. You can also download a sample file from the Import Products and Services window to view it in your Excel. In the mapping section, you can locate the Taxable dropdown and choose according to your preference.
Here's how to import your products and services:
- Go to the Sales menu, then choose Products & Services.
- Click the New dropdown, then select Import.
- When importing, you can choose how you can upload your CSV. Select a CSV or Excel file to upload, or Select Google Sheet.
- Once done, click Next.
- When mapping, please know that the CSV column headers represent the headers on your spreadsheet. Select the one that matches a field in QBO from each dropdown.
- Click Next.
- If there are cells that contain red, the cell is invalid. We can resolve this by reading the error message and then correcting it, or you can edit your CSV file and upload it again.
- Click Save.
After importing the product and you want to create a new transaction with this, QBO will automatically calculate your taxes based on where you sell and where you ship, your customer's tax-exempt status, and what you sell.
Additionally, please know that a list of tax codes is currently unavailable in QBO. Alternatively, you can manually assign the appropriate sales tax category for the product or service item.
You can also set up where you collect sales tax in QBO so you can track your state's tax laws and accurately calculate sales tax and returns.
We're still here if you have additional questions regarding sales tax or importing your product, lisaperlie. Please let us know in the comment section.
