Adding Bank Details for Scheduled Returns
Next step in your set up is adding bank details for Galvix to fully manage your sales tax obligations, including filing and paying your returns. We need to securely connect to your business's bank account. Without your bank details, we can't complete the tax payment on your behalf, which would leave you with a final step to do yourself.
Rest assured, we take your security extremely seriously. All banking information is encrypted and handled with the highest level of care to ensure your data remains safe and confidential.
In this guide, we cover:
Why is this information important?
- Payment Automation: By providing your bank details, you authorize Galvix to automatically debit the tax amounts owed to each state on the scheduled payment date, ensuring you never miss a deadline.
- Seamless Filing: Without payment information, Galvix can't complete the final step of the filing process. Adding your bank details ensures a seamless, end-to-end solution.
- Compliance: Timely and accurate payments are essential for maintaining compliance with state tax authorities and avoiding late fees and penalties.
Adding Bank Details
To add your bank details, follow these steps:
- Go to Settings on bottom left > Navigate to the Returns
- Click on the "Bank Account" button to start.
- You will be presented with a form to fill out your bank account information. Please have your bank's routing and account numbers ready.
- You'll need to enter the following information:
- Account Holder Name: This is the name on your bank account.
- Account Type: Please select whether this is a checking or savings account. In most cases, you will use a checking account for business transactions.
- Routing Number: This is a nine-digit number that identifies your bank.
- Account Number: This is your specific account number at your bank.
Review and Save
- Double-check all the information you've entered to ensure it's accurate. A typo in your routing or account number can cause significant delays in tax payments.
- Once you've confirmed everything is correct, click the "Save" button.
Updating Bank Details
If you need to update an existing bank account, you can follow these simple steps:
- Go to Settings on bottom left > Navigate to the Returns > Bank Account
- Click on the "Update" button.
- In the form, you can modify details such as the Bank Name, Account Number, or Routing Number. Click "Save" to apply your changes.
What Happens Next?
After saving, your bank details are securely stored within Galvix. This information will now be used automatically to pay your scheduled sales tax returns. You will receive notifications before a payment is processed, giving you full visibility and control. This ensures a seamless and automated process, freeing you up to focus on growing your business without the stress of manual payments.
What’s Next:
Bank details saved securely! Next up:
- Add exemptions (if applicable) - Keep exempt transactions accurate.
- Manage your products and tax categories - Apply correct tax rules for each product.
You’re just a few steps away from being fully hands-off, great job!