DISCLAIMER
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 makes it very straightforward to set your account and tax rate preferences using our proprietary tax wizards.
Video walkthrough
Step-by-step guide with screenshots
Step 1 - Map transactions to an account
We group the many different types of Amazon transactions into 9 main categories.
On the first step, you will assign an account for each category from the dropdown menus or accept our pre-filled defaults below.
(Using our defaults will create them as new account codes in QuickBooks)
👉 Good to know
Most people use our default accounts as it means it's nice and easy to see which data has been sent from Link My Books to QuickBooks.
Throughout the setup wizard when you see the blue i icon beside something, that means that further clarification is available if you hover over it:
If you'd rather pick your own accounts to use then you can do so via these dropdown menus:
Step 2 - QuickBooks bank accounts
Here you will select which bank accounts each marketplace deposits funds into and which bank account or credit card they charge if your seller balance goes into the red.
Step 3 - Confirm VAT registration status (UK users only)
Here you will confirm if your business holds a UK VAT registration. We use this information to group your sales accordingly.
Step 4 - Confirm tax rates
At first glance, this may look intimidating but based on the answers you have given so far plus your business location (which we have detected from QuickBooks) we will provide you with a set of default tax rates to confirm.
👉 Tip: Remember when you see the blue i icon more information is available when you hover over it.
👉 Good to know
Regardless of where your business is located, we'll show default tax rates tailored to you. For country-specific information see our Account & Tax Mapping section.
Once you have confirmed your chosen tax rates, tick the checkbox and click Confirm to save them.
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].