Canadian QuickBooks Online Sales Tax Postings and Filing
Unfortunately, the QuickBooks Online API will not allow Loft to post sales tax the same way we are able to in Xero. In an Agent's payout we post a bill to be paid to the Agent. This bill will include posting the top line commission expense and income ...
Adjusting your tax settings
Adding/Updating Brokerage Tax ID Head to your Brokerage menu (the menu with the gear cog), click Edit Settings Add/update your Brokerage's Tax ID Turning on Tax Reporting In your Brokerage Menu>Settings, scroll down to the Allowable tax year field ...
Tax Prep Checklist
Navigating your tax forms, updating your agent’s contact information, isn’t rocket science but it can be overwhelming! Being well prepared is the difference between peace of mind or utter chaos! We’ve put together a checklist that will guide you ...
How to Adjust Penny Rounding Errors on Sales Tax on a deal.
Every once and while you'll have a penny rounding error between what you're collecting and paying out. Softwares will round calculations differently so this is a problem that sometimes plagues us on paying out deals. Overriding the tax overrides In ...
Agent & Outside Brokerage auditing for tax reporting
Scouring through your Brokerage's people's page to check each agent, their organization, and Outside Brokerage profile(s) are up to date can be daunting. The easiest way is to head to Reports> Tax Returns Report, choose the year you're reporting ...