Make Accounting a Breeze with ReInvestWealth and Stripe
With ReInvestWealth, you can say goodbye to the headache of keeping track of invoices and payments if you're using Stripe. It's all about making your financial life simpler and error-free. As soon as a transaction happens on Stripe, ReInvestWealth knows about it and makes sure your financial records are perfectly matched and up-to-date. No more manual mess-ups, just more time for what matters to your business.
Dealing with Sales Tax: Made Easy
ReInvestWealth and Stripe shine when it comes to handling GST, HST, QST and PST. Stripe lets you set up your own tax rates easily for free or, for a small fee, it can figure out the sales taxes for you with Stripe Tax. ReInvestWealth ensures taxes on your Stripe invoices reconcile perfectly with your books, fitting neatly with its Sales Tax Auto-Filing feature.
How to Sync Stripe and ReInvestWealth Taxes
Step 1: Connect your Stripe Account to ReInvestWealth
First, link your Stripe and ReInvestWealth accounts. Go to your ReInvestWealth "Invoicing" tab and click "Connect with Stripe", then follow the on-screen steps.
Step 2: Add Your Tax Account Information in ReInvestWealth
Head over to the "Tax Filing" tab in ReInvestWealth, click on "View Sales Tax Profile", and make sure your tax registration details are in there. If they're not, add them now. You can find your sales tax details in your CRA business profile (or Revenu Quebec Entreprise for Quebec businesses).
Step 3: Sync your Sales Tax Rates
You can skip this step if paying for Stripe Tax, as ReInvestWealth is fully compatible with Stripe Tax. But, if you're manually setting tax rates in Stripe to save on fees, you'll want to ensure everything matches up to avoid any hiccups.
In "View Sales Tax Profile" from step 2, click on the "Sync Sales Tax With Stripe" button.
This makes sure that all sales tax rates in Stripe are correct and meet government standards. If you have recurring invoices with taxes already setup in Stripe, you will want to update them to ensure they are using the new sales tax rates.
Step 4: Add Customer Address to Stripe Invoice
When sending an invoice from Stripe, always include your customer's full address. This is essential in complying with government regulation and helps ReInvestWealth catch any potential mistakes with your tax rates.
That's it! With these steps, your Stripe and ReInvestWealth setup will be streamlined, making tax handling and invoice management as effortless as possible.
