Currencies and taxes in HandiFox Online
If your business sells to or buys from overseas customers and vendors, you will need to comply with local tax policies and also deal with multiple currencies while working out your financials. Having HandiFox Online connect to QuickBooks Online will prompt the system to sync with the currencies and tax code settings of the accounting software. Otherwise, multi-currency and taxes are fully configurable per your needs in the HandiFox Online Standalone version.
Multi-currency in HandiFox Online Standalone
This is what your settings look like when the system has no link to QuickBooks company. In the Company Information tab, click on the Currency button.
If you have already enabled multiple currencies in your company, clicking Currency lets you add new currencies and set custom exchange rates. To add a currency click on “+”
HandiFox updates the exchange rate feed on an hourly basis. If you need to change the rate, you can manually adjust it by clicking Edit Exchange Rate.
Next, you need to associate foreign currencies with customers and vendors. The system will carry out all calculations in their local currencies and show the transaction’s total in both home and foreign currencies on the transaction’s screen and in related reports.
HandiFox Online lets you create tax groups with tax rates specific to a country, state, etc. On the same Company information tab click on the Taxes button.
When clicking on + you will be able to create either a regular tax or a tax group. You can set city, country, and state tax rates in Regular taxes and then let the system add them up in a group tax so that their total can be applied to specific transactions.
Next, for items you would need to specify if they are taxable or not and, if they are, what the tax rate is. You can also associate tax rates with customers.
Key takeaways and action items:
When connected to QuickBooks Online, HandiFox copies all of the tax and currencies information. If you are using the Standalone version, taxes and currencies can be configured
In HandiFox Standalone, you can add multiple currencies of operations, have exchange rates updated automatically or adjust them manually. After adding new currencies, you need to associate them with Vendors and Customers
You can populate tax groups which add up different tax types and apply their rates to transactions at once. After setting taxes, you will need to associate them with items and customers.