JobTread Announces Tax Feature Update for Canada-Based Contractors
We are excited to announce a significant feature update, designed to give Canada-based contractors greater control over job finances. Our feature update allows you to record purchase tax when logging expenses, ensuring your business can manage taxes more efficiently and accurately.
This feature update is especially beneficial for Canada-based contractors due to JobTread’s seamless integration with QuickBooks, a unique advantage not found in most construction management software.
Key Takeaways from the JobTread Update:
Comprehensive Tax Recording
You now have the option to track purchase tax on bid requests, vendor orders, and vendor bills and expenses. This added capability means you can seamlessly integrate tax management into your existing workflows.
Recoverable Taxes for International Contractors
Contractors operating in countries with Value Added Tax (VAT), Goods and Services Tax (GST), or Hamonized Sales Tax (HST) can log Recoverable taxes. Since these taxes are credited back, they are not treated as job costs, providing a clear distinction between recoverable and non-recoverable taxes in your financial records.
Non-Recoverable Taxes
For our US-based contractors or Canadian contractors who have Provincial Sales Tax (PST) or Quebec Sales Tax (QST), you can record Non-Recoverable taxes, which are treated as job costs. These taxes are distributed across taxable items in your job budget, allowing for precise financial tracking and reporting.
Easy Activation
By default, purchase tax recording is turned off. However, you can easily enable this feature by editing your document templates. This flexibility ensures that you can tailor the tax management system to fit your specific business needs.
To take advantage of this new feature, simply edit your document templates to enable purchase tax recording. If you have any questions or need assistance, our customer support team is here to help.
At JobTread, our product development is driven by customer feedback; we collaborate with them, prioritize ideas that benefit the most users, and view our customers as partners in creating the best possible product. This feature update is a testament to our dedication to enhancing your experience and supporting your business growth.
Keep an eye out for more updates as we continually improve JobTread to better serve you.
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