What are the differences between Taxes Collected and Taxes Paid in TrueProfit?
Taxes Collected is the amount you charge in each order to your customer; it is calculated as an income. TrueProfit will pull this metric from your Shopify Admin settings and add it to your Revenue and Net Profit calculations:
Revenue = Gross Sales – Discounts – Refunds + Taxes Collected + Shipping Charged
Net Profit = Revenue + Tips + Gift Card Sales - Total Cost - Taxes Collected
The Taxes Collected in TrueProfit will match this report on your Shopify store:
Taxes Paid is the amount of tax you need to pay to the government. As Taxes Paid is calculated as a cost, it will be added to the Total Cost metric and displayed in the Cost Breakdown section.
Total Cost = Cost of Goods Sold + Handling Fees + Shipping Cost + Ad Spend + Transaction Fees + Custom Costs + Taxes Paid
