Accounting Software is the best possible invention in modern times when it comes to accounting systems that will help small businesses keep their financial records in one place efficiently.
Method to Prepare Sales Tax Report
Accounting Software has a completely separate module for sales and tax functionality and it’s entirely different from the rest of the program. Although it may not come across like that at first glance. But since it is a totally segregated module in itself, it has to be dealt with in a different procedure customized for that only.
Now there is a right way to do it and there is wrong away.
Most people make the mistake of calculating sales tax return and then they try to create a regular check. This is a very wrong way to do things. No matter which account you are dealing with but Accounting Software wasn’t built to pay sales tax using regular checks.
The Right Way to Create Sales Tax Report:
First, figure out the amount of return from sales tax by calculating. After that, you can use Accounting Software for tax paying and round up the differences accordingly. Now how do round up the differences, you may ask. After you are confirmed about the payment and are ready to put it in Accounting Software, then first you have to go to the Sales tax option from the Vendor menu. From there select the Pay Sales Tax option. Then go to the option called “adjust”. Now change the adjustment date to that of the final day when the tax was reported. You can enter a number too as you wish.
Tip#1: Have a look here, how to handle Accounting Software sales tax rate changes and how to be accurate.
Go to the option of reporting agency of sales tax from the vendor box. If you wish to adjust the accounts, then you have to select the expense account which is named as Sales Tax adjustments. If you don’t already have one then you can create one there. Now you have to select an appropriate option based on whether you have more or less amount of sales tax due. Now you can put in the correct amount to adjust the balance and then just click “ok”. Don’t forget to get the check for payment of tax. Select the window where it says pay sales tax and then choose the amount of taxes you are going to pay and also put down the new adjustments as well. Do make sure to check all the information is correct this time. The newly generated check will appear in the check register under the pay sales tax option.
Why You Need Accounting Software Technical Help?
Always try to pay sales tax correctly while using Accounting Software. For further assistance feel free to contact Accounting Software technical helpline number at any time of the day.
FAQs
1. How to run a Sales Tax Report in Accounting Software?
? Click on the Vendors then select the Manage Sales Tax option
? A box appears on your screen then click on Sales Tax Revenue Summary or Sales Tax Liability
? Go to the Dates field in it and select the date to have the sales tax report
? Now you get the information to review
? You can also print this report.
2. What are the steps for editing the sales tax?
? Select the Lists menu
? From further option, select Item list
? For editing the sales tax, locate the item from the list
? Select an item and then right-click on it
? Click on Edit item and then update the information that you want to change
? In the end, click on the OK button.
3. How to set up or record Sales Tax?
? To set up the Sales Tax, click on the Edit menu then select the Preferences option
? In Preferences, Click on Sales Tax
? Then in the Company Preferences tab, click on the Yes radio button for charging sales tax
? Set the sales tax items by clicking on the option Add sales tax item
? Now sales tax codes are assigned so that it can be used to track it
? Set the tax basis that is cash or accrual
? Also, set the payment preferences and then click on the OK button.
4. How sales tax can be collected?
The Sales Tax is collected when you do the setup of sales tax and then do sales of your goods and services. These taxes are recorded properly through the invoices, sales form, or sales receipts that you create in your Accounting Software account. These taxes are on the products and services that you sell to the customers.
5. What are the steps to pay sales tax?
? For paying the sales tax, open your Accounting Software account
? Then click on the Sales Tax menu and from further options click on the Pay Sales Tax
? Select the account that you want to use for payment in the field of Pay from Account
? Check and verify the date and check number is correct
? For partial payment, click on Amt Paid and for full payment, click on Pay All Tax
? Then tick mark the Pay column
? For adjustment, you can choose the adjust option
? To print it tick mark on the checkbox says to be printed
? Then click on the OK button.