Settings → Books & Tax: every control explained
The Books & Tax tab holds your sales taxes, your invoice and quote numbering, your fiscal year and GST/HST number and, on Enterprise, partner profit-sharing. Here is what each part does.
Books & Tax is the settings tab for the bookkeeping side of your workspace. Open it from the menu on the left: Settings, then the Books & Tax tab.
What is on the tab
| Sales Tax card | The list of taxes you charge, with Add Tax, Set Up from a Province, and Edit, Delete and Make Default on each row. A combined tax (for example GST + PST) shows the taxes it combines under its name. Everyone on the team can see it. See Set up your sales taxes. |
|---|---|
| Invoice & Quote Numbers card | The prefix and next number for invoices and quotes. Only owners and admins see this card. See Carry on your invoice numbers. |
| Fiscal Year and GST/HST Number card | The month your financial year starts in, and your GST/HST registration number. Everyone can see it; only owners and admins can change it. |
| Partners & Finance card | Partner shares, a reserve, and draws, reimbursements and contributions. Enterprise only. See Partner profit-sharing. |
Fiscal year and GST/HST number
- In the menu on the left, choose Settings, then the Books & Tax tab.
- Find the Fiscal Year and GST/HST Number card.
- In Fiscal Year Starts In, choose the month your financial year begins, for example April if your year ends on 31 March.
- In GST/HST Registration Number, type your number as the CRA gave it, for example 123456789 RT0001.
- Choose Save Books Settings. A message confirms Books settings saved.
| Fiscal Year Starts In | Sets where Fiscal YTD starts on the Reports screen. On every plan. |
|---|---|
| GST/HST Registration Number | Up to 30 letters, digits, spaces or dashes; letters are saved in capitals. Once saved, it prints as GST/HST No. with the other details (dates, terms) on every invoice, quote and credit note: on screen, in the PDF and in the email. Leave it empty if you are not registered, and nothing is printed. |
Good to know: Once you are registered, your customers need your GST/HST number on their invoices to claim back the tax they paid you. See How to charge GST/HST on an invoice, by province.
Good to know
- Expense categories, which decide whether a cost is cost of sales or an overhead, are on the Vendors page, in the Expense Categories card.
- Journal entries and opening balances have their own screen: Journal Entries in the menu on the left, for owners and admins.
- Credit notes are numbered on their own: CR- followed by a number.
See also
- Set up your sales taxes (GST, HST, PST, QST)
- Carry on your invoice and quote numbers
- Partner profit-sharing, draws, contributions and the Distributions report
- Journal entries: record what is not an invoice, bill or bank line
- How to charge GST/HST on an invoice, by province
- Set up your business: name, logo, colours and address
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