Quickbooks 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
QuickBooks 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 Quickbooks 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 Quickbooks 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 Quickbooks, 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 QuickBooks 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 QuickBooks Technical Help?
Always try to pay sales tax correctly while using Quickbooks. For further assistance feel free to contact QuickBooks technical helpline number at any time of the day.