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Learn To Keep Record of Sales Tax on Purchases from Vendors with QuickBooks Support USA

It might be needed that is there a need to collect taxes for any goods and services you are offering. QuickBooks Desktop allows you to keep an exact record of such taxes which you can easily view and forward them to the accurate tax collecting agency. Immediately dial QuickBooks Support USA.

You must manually keep record of sales tax on non-sales transactions like bills, checks and purchase orders. QuickBooks is not made for tracking sales tax automatically on non-sales transactions.

How to Track sales tax on purchases as an expense

Given below are the steps to keep record of sales tax on purchase as an expense

  • To Create an Expense account.
    • In the Company menu, select Chart of Accounts.
    • In the Chart of Accounts window, double click anywhere and choose New.
    • In the Choose Account Type window, click on Expense then select Continue.
    • Type the Account Name and other required information then select Save & Close.
  • At the time of creating a transaction in form of a bill where you will be tracking sales tax, typing the bill as usual but move to the Expenses tab rather and click on the expense account which was generated in earlier step. If still stuck somewhere, call QuickBooks Support USA.
  • On this line, type the amount of sales tax in the Amount column
  • Make sure that any detail in this transaction will adds up to the accurate total after selecting Recalculate.

How to keep Record of sales tax on purchases as a liability (which is to be paid later)

Follow the instructions listed below very carefully in order to get access to liability report:

  • Generate an Other Current Liability account.
    • In the Company menu, choose Chart of Accounts.
    • In the Chart of Accounts window, double click anywhere and select New.
    • In the Choose Account Type window, choose the Other Account Types drop-down menu and then click on Other Current Liability.
    • Click on Continue.
    • Type the Account Name and other information then click on Save & Close.
  • When you are generating a transaction in form of a bill where you will be tracking sales tax, type the bill as usual, but move to the Expenses tab rather than choosing the liability account which was earlier created.
  • On this line, type the amount of sales tax in the Amount column
  • Make sure that any detail in this transaction which will add up to the accurate total after selecting Recalculate.
  • Now, this is the time to pay sales tax, you can view the liability which has been accrued by looking at the Chart of Accounts.
  • You can pay this amount by a regular pay check to any employee of your company.

In this post we are updating you with important topic. Hope, you are satisfied with it.  To continue to keep in touch with QuickBooks Support USA to deal with all your queries to be solved. You are free to call us anytime at our QuickBooks Phone Number USA @ 1-800-657-0602 and you can also send us a mail at support@quickbooksupport.net. Our executives will surely revert you in order to give you a response for your query.

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