Creating Tax Rates in Tofu
Step 1: Create or Add a New Tax Rate
Go to Entity > Settings > Accounting > Create Tax Rate,
ORcreate it directly from Invoice Review by selecting a document and clicking Tax Rate dropdown > Create New.
Fill in the details: Name, Components, and Rate (up to 4 decimal places).
Step 2: Verify in Your Accounting Software
Check if the new tax rate created in Tofu has synced to your accounting software:
Go to Company File > Taxes (right side) > Edit Tax Rates and verify the new tax rate appears.
Note: The create new tax rate option will be hidden when QBO Company File was set to No Tax.
Creating Chart of Accounts in Tofu
Step 1: Create or Add a New Account
Go to Entity > Settings > Accounting > Create Account.
ORcreate it directly from Invoice Review by selecting a document and clicking Account dropdown > Create New.
Fill in the required details:
Account Name and Account Sub-Type
Step 2: Verify in Your Accounting Software
Check if the new account created in Tofu has synced properly:
QuickBooks: Go to Company File > Settings > All Lists > Chart of Accounts and check if the account is listed.
Note: account code and account name need to be unique, Tofu will warn you if the ones you typed in already exist.
Creating Currencies in Tofu
Step 1: Create or Add a New Currency
Go to Entity > Settings > Accounting > Create Currency
ORcreate it directly from Invoice Review by selecting a document and clicking Currency dropdown > Create New.
Choose from the list of available currencies.
Note: Once a currency already exists, it will no longer appear as an option to select. Also, the create new currency option will be hidden when QBO Company File was set to Single currency.
Step 2: Verify in Your Accounting Software
Check if the new currency created in Tofu has synced successfully:
Go to Company File > Settings > All Lists > Currencies and ensure the new currency is listed.
Creating Contacts in Tofu
Step 1: Create or Add a New Contact
Go to Entity > Settings > Accounting > Create Contact
ORcreate it directly from Invoice Review by selecting a document and clicking Currency dropdown > Create New.
Fill in the required details:
Contact Name, Contact Type, Currency
Note: Currency is required, especially when multi-currency is enabled in QuickBooks, and the supplier must be assigned the correct currency.
Step 2: Verify in Your Accounting Software
Check if the contact created in Tofu has synced successfully:
QuickBooks: Go to Company File > Expenses (left) > Suppliers and ensure the contact is listed.
