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Price and invoice options

Updated: 2017-01-30

Before you can use TaxCycle to invoice your clients, you must set Invoice and Pricing options. The information entered here flows to the Billing worksheet in TaxCycle.  (To learn about the billing worksheet, see the T1 billing and invoicing help topic.)

Invoice options

Invoice options apply to all tax modules in TaxCycle:   

  1. To open Options from the Start screen, click Options in the blue bar on the left side. If you have a file open, go to the File menu, then click Options.
  2. On the left, expand Return Preparation and click on Invoicing.
  3. Enter the Next invoice number to use for the next invoice printed (the starting default is 0001). This is the next invoice number that TaxCycle will insert into a tax return when you print it. (In TaxCycle T1, you will see this number on the JInvoice or CInvoice templates, or in the invoice section on the Engagement worksheet.) To share this number with others, go to Common Folders page and set a shared folder for storing the Invoice Number. (See the Folder options help topic.) If everyone points to the same folder, the number is incremented as each person creates an invoice.
  4. Enter your sales tax numbers:
    • If you only have a GST/HST number, use the following format: GST #123456789. 
    • If you also have a PST number, add a comma and then the number in the following format: PST #123456.
  5. Set your province for sales tax, using one of the following options:
    • Select Do not charge if you aren't collecting sales tax.
    • Choose a province from the list.
    • Choose Based on taxpayer's residence to apply sales tax based on the address of the taxpayer.
    • Choose Specify rates, if you ever need to customize your sales tax rates. This will reveal options to change the GST and PST rates.
  6. At the bottom of this options page, you can configure a link between the TaxCycle billing worksheet and QuickBooks online or your QuickBooks company file (see below).

invoicing-options

Price options

You can set different price options for each year in a TaxCycle module. This allows you to specify different hourly and form rates for each return type and incrementally increase your prices as required.

  1. To open Options from the Start screen, click Options in the blue bar on the left side. If you have a file open, go to the File menu, then click Options.
  2. On the left side of the dialog box, expand the T1/TP1 section, then click on Price to set the same prices for all years. Or, expand Price and click on a year to charge different prices for each year.
  3. To charge an hourly rate, click on the number to the right and type the amount. This is calculated based on the amount of time you spend working on the return, based on the Timer. (Learn more in the Timer help topic.)
  4. Set a percent for an administration surcharge to apply to all invoices.
  5. To apply a discount for seniors, set the age and Discount rate (%).
  6. Check the boxes to invoice by hour, by schedule, or both.
  7. Check Show details of schedule charges on client invoice list? to see the price charged to prepare each form.
    2018-options-t1-price
  8. To set per-form pricing or per-item pricing, use the search box to find a form in the list.
  9. Click on the number to the right of the form name to enter the price.
  10. Check the box in the * (asterisk) column (to the right of the price) to show the item on the invoice even if it doesn't have any charges.
  11. Scroll to the right to enter a different name or text to appear on the invoice for that line item.
    2018-options-t1-price-search
  12. For some forms—such as asset items, medical expenses, dependant worksheets—you can set a per-item/schedule price as well.
    2018-options-t1-price-dep
  13. To see a list of only those items with a price assigned, click the Hide $0 items link.
    2018-options-t1-price-hide-zero
  14. Click the Export price list and Print price list links to get a copy of the price list.
    2018-options-t1-price-export
  15. If you click on the parent Price page and the settings are different from those in specific year, the price or text shows in italics. If it is a checkbox, it shows as a square.
    2018-options-t1-price-different
  16. To copy prices from year to year or apply the same prices to all years, right-click on the year in the sidebar that contains the prices you want. Then, select the option to apply to a specific year or to apply the prices to all years.
    2018-options-t1-price-copy-years

QuickBooks® online setup

  1. In TaxCycle, open Options. Go to the File menu, then Options. Or, if you are on the Start screen, click Options in the blue bar on the left. 
  2. On the left, expand Return Preparation and click on Invoicing.
  3. Choose Online from the drop-down menu.
  4. Click the Connect to QuickBooks button and enter your email address and password to sign in to your QuickBooks file.
  5. Select the QuickBooks® Account, Class, Items, Terms, Tax Code, and Customer message to link the TaxCycle billing information to.
  6. If you wish, check the box to Use 'Last Name, First Name' format for names in QuickBooks®.
  7. If you would like to include the spouse and/or dependant's amounts on the principal taxpayer's invoice (Joint invoice), check the appropriate options.
  8. Click Apply or OK to save your changes.

QuickBooks Online billing options in TaxCycle


QuickBooks® desktop setup

  1. In QuickBooks® Desktop, open the company file you want to link to.
  2. In TaxCycle, open Options. Go to the File menu, then Options. Or, if you are on the Start screen, click Options in the blue bar on the left. 
  3. On the left, expand Return Preparation and click on Invoicing.
  4. Choose Desktop from the drop-down menu.
  5. Select the QuickBooks® AccountClassItems, Terms, Tax Code, and Customer message to link the TaxCycle billing information to.
  6. If you wish, check the box to Use 'Last Name, First Name' format for names in QuickBooks®.
  7. If you would like to include the spouse and/or dependant's amounts on the principal taxpayer's invoice (Joint invoice), check the appropriate options.
  8. Click Apply or OK to save your changes.