QuickBooks Integration with GEM Oil & Gas Expert Matrix
GEM Oil & Gas Expert Matrix formats your invoice with industry specific content and calculates sales tax. GEM Oil & Gas Expert Invoice contain required oil & gas content to speed up customer approval time.
GEM syncs with your QuickBooks Online account. Your customers receive a custom oil & gas invoice and NOT a generic QuickBooks invoice template.
With GEM you can cancel your current generic sales tax solution. GEM automated sales tax solution was built solely for the upstream segment of the oil & gas industry.
Step 1. QuickBooks + GEM Product and Services Matrix Mapping
Mapping your products and services to the GEM Oil & Gas Expert Matrix.
What is matrix mapping? GEM maps your products and services to a sales tax determination and how that determination is derived.
GEM Oil & Gas Expert Matrix is a multistate sales tax solution that covers all oil and gas producing states.
GEM Oil & Gas Expert Matrix mapping does not require you to change your general ledger.
Step 2. QuickBooks + GEM Oil & Gas Expert Invoice
Your mapped oil and gas products and services are synced with your QuickBooks online account.
Your QuickBooks + GEM Oil & Gas Expert Invoice displays custom oil and gas content: standard operator name, well name, API number, sales tax calculation and custom services & drilling phases.
GEM Oil & Gas Expert Invoice improves vendor accountability so you can get paid faster.
QuickBooks + GEM Oil & Gas Sales Tax Calculation
GEM calculates sales, use and gross receipts tax accurately on your mapped products and services for the states you operate in.
GEM includes custom state specific rules for calculating New Mexico gross receipts tax, Wyoming and Kansas drilling phases, Texas well service tax and Colorado enterprise zone exemptions. GEM oil & gas rules are state specific.
GEM calculates all type of sales tax rates: at the wellsite, jobsite, corporate office, field office. You do not need any other automated sales solution.
QuickBooks + GEM Oil & Gas sales tax reports
QuickBooks + GEM Oil & Gas Expert Sales Tax Reports include state required content for sales tax filing.
Selling in New Mexico? GEM oil & gas gross receipts report includes the New Mexico nontaxable transaction code(NTTC) and the deduction code.
Selling in Texas? Texas includes location codes and a separate well service tax report.
Selling in Colorado? GEM Oil & Gas Sales Tax includes Colorado Enterprise Zone exemptions for downhole equipment.
QuickBooks + GEM Oil & Gas Matrix streamlines sales tax compliance with one application
