Defining the Tax Year

Open Payout helps you reconcile payments that you receive. It does this by creating Journal Entries in QuickBooks and Invoices in Xero that match with real money payments from your shop's payment gateways.

But in most tax jurisdictions, you need to declare your income when you make it rather than when you receive payment for it.

If you're generating payouts on a weekly schedule, getting paid in disbursements or your countries tax year doesn't end exactly on the first of a month then you may need to split payouts that overlap multiple tax years so that you can see which sales occurred in which year.

Open Payout can do this automatically for you. Simply set your tax year start date from the account settings menu:

Open Payout will then automatically split your payouts at the end of the Tax Year