Accounting Package Specific Settings
Xero
Code | Tax Type | Default Tax Setting |
GST-EX | GST Expenses | GST on Expenses |
EXM-EX | Exempt Expenses | No GST |
GST-IN | GST Income | GST on Income |
EXM-IN | Exempt Income | No GST |
Quickbooks
Quickbooks will handle the tax calculations on their side of the integration. Please ensure your income tax rates are set to the same tax code regardless of the percentage.
If you're using Quickbooks Australia or New Zealand please see the following table:
Code | Tax Type | Default Tax Setting |
GST-EX | GST Expenses | GST on purchases |
EXM-EX | Exempt Expenses | GST free purchases |
GST-IN | GST Income | GST |
EXM-IN | Exempt Income | GST free |
If you're using Quickbooks in North America please see here:
MYOB
Code | Tax Type | Default Tax Setting |
GST-EX | GST Expenses | Goods & Services Tax |
EXM-EX | Exempt Expenses | GST Free |
GST-IN | GST Income | Goods & Services Tax |
EXM-IN | Exempt Income | GST Free |
Can't save settings
When setting up your account integration, most of the fields will default to "Select from one of the below". If any of these options have not been filled out, the settings menu will not let you save.
Be sure to fully complete your integration settings and you should be able to save.
Revenue vs Expense accounts
Revenue is money earned by your company as a result of conducting business. In Buildxact, we want to send customer invoices to this account type in your accounting package.
Expenses are the cost you incur in order to generate your revenue. In Buildxact, we want to send your orders to this account type in your accounting package.
Note: In order to check the account type in your accounting package, visit your chart of accounts for more information.