⚠️ Important Disclaimer: Consult Your Accountant
The team at Link My Books are happy to provide users with technical assistance in applying tax rules to their Link My Books setup. We are not Tax Advisors and so our advice and suggestions on the application of tax rules cannot be construed as tax advice. We highly recommend that users seek advice from qualified accountants for their tax compliance.
Link My Books simplifies the configuration of your account and tax rate preferences using our intuitive setup wizard. This wizard is a crucial step after connecting your Amazon sales channel and Xero accounting software.
Video Walkthrough
Step-by-Step Guide with Screenshots
Follow these steps to configure your accounts and tax settings accurately:
Step 1: Map Transactions to an Account
Link My Books streamlines the many different types of Amazon transactions by grouping them into 9 main categories. On this first step of the wizard, you will assign a corresponding account for each category from the dropdown menus.
Default Accounts: You can accept our pre-filled default account suggestions. Opting for our default accounts will create them as new account codes within your Xero Chart of Accounts (if they don't already exist).
💡 Quick Tip: Default Accounts Most users find it beneficial to utilise our default account suggestions, as this provides a clear and organised way to identify data synchronised from Link My Books within Xero.
Custom Accounts: If you prefer to pick your own existing accounts from your Xero Chart of Accounts, you can do so via these dropdown menus.
Get More Info: Throughout the setup wizard, keep an eye out for the blue 'i' icon (ℹ️). Hovering over this icon will provide additional clarification and details for that specific field or setting.
Step 2: Confirm VAT Registration Status (UK Users Only)
This step is specifically for businesses operating in the UK.
Here, you will confirm if your business holds a UK VAT registration. Link My Books uses this information to correctly group your sales for VAT reporting purposes.
Step 3: Confirm Tax Rates
This is the final step in the wizard to confirm your tax rate preferences.
Tailored Defaults: While this step might seem comprehensive, Link My Books simplifies it significantly. Based on your previous responses and your business location (detected from Xero), we will automatically provide you with a tailored set of default tax rates for your confirmation.
💡 Good to Know: Tailored Tax Rates
Link My Books intelligently provides default tax rates specifically tailored to your business's location. For more in-depth, country-specific tax information, please refer to our Accounts & Tax Mapping section in the main app.
Confirm & Save: After reviewing and confirming your chosen tax rates, tick the confirmation checkbox and click 'Confirm' to save your settings.
If you have any questions about this article or feedback on how we could make it better please reach out to the support team via the blue chat icon on the bottom right of the page or via email to [email protected].