QB Step 3: Lists

QuickBooks Setup: Lists

There are several items that iPoint uses for transactions that are created in QuickBooks and pulled into iPoint. Go to the Lists tab, and press the blue buttons corresponding to each of the following:

• Payment Methods are used to signify how a customer pays their bill.
• Payment Terms are used for customer and vendor transactions, indicating when bills are due.
• Tax Rates make sure that your customers pay the appropriate sales tax when they buy goods and services from you.
• Tax Codes help differentiate between taxable and non-taxable sales.
• Classes are used to report various aspects of your business. Not everyone uses classes. But you might use classes to track sales at different store locations, process reports for commercial versus residential work, or separate new construction from remodeling and retrofit work, for example.

Once you have Synced all the lists, Go back to the Chart of Accounts tab, and enter the default Taxable and Non-Taxable codes in the column to the far right.

If you are a Canadian company or are required to pay sales tax on purchase rather than on the sale of goods, you will enter the taxable code for purchases in the third Default Tax Code dropdown.