In this article you will learn how to create taxable sales in QuickBooks Desktop. To know more, contact QuickBooks Desktop.
You’re ready to create taxable sales once you’ve set up your sales tax. When you create invoices, sales receipts and other sales forms then QuickBooks will automatically charge and calculate sales tax. Read more, to find out.
How does a taxable sale transaction works?
- On your sales forms, there are two areas that you’ll see sales tax.
- The item tax: If the item is taxable,this is used for tracking it. If you’ve marked the item as taxable when you set it up,these will populate automatically.
- The tax item or group: It shows the tax rate for the sales tax item or group you set up.
- On the sales form,QuickBooks will calculate the total of anything taxable and then adds it up with the sales tax rate.
How to make changes in the sales tax rate for a single sale?
- From a sale, you may need to change or remove the sales tax, for instance, your client is a non-profit organization.
- Change the item tax: Select the taxable area to add or remove a T from the Tax column of the sales form
- Change a tax item or group: Choose the tax item/group from the Tax dropdown. A new item can also be set up. You just need to start typing the sales tax name and then click on Set up when prompted.
- You can run reports in QuickBooks Desktop for Mac that helps you in reviewing what you owe for sales tax. You can ensure that everything is accurate before paying your taxes, this way. Here’s how to use QuickBooks Desktop for windows.
Viewing your Sales Tax Liability report.
- A summary of sales tax you’ve collected and owe to your tax agencies can be seen in a Sales Tax Liability report. For your tax agency and district, you can see the following:
- Total taxable sales: This is the total sales amount that is taxable and you’ve collected.
- Total nontaxable sales: This is the total sales amount that is non-taxable and you’ve collected.
- Tax rate: The tax rate that is paid to your tax agency and district.
- Tax collected: Multiplied by your tax rate,this is the amount of total taxable sales.
- Sales tax payable as of: This is the sum left when you subtract the tax payment you’ve made during the period from the total tax collected
Follow the steps to access the Sales Tax Liability report:
- Click on Reports.
- Click on Vendors & Payables and then on Sales Tax Liability.
- To see the transaction details, hover over any field and double-click the amount.
Follow the steps to view your Sales Tax Payable register:
- You’ll have a record of the sales tax transactions in your Sales Tax Payable register for both sales and payments that you’ve received. Here’s how it is done.
- Click on List and then select Chart of Accounts.
- Look for your Sales Tax Payable account, and then click on it twice.
- Billed column: On sales transactions,these are the taxes recorded.
- Paid column: In this column you add the payments that you’ve made to the tax authority.
- Total tax liability: Total tax liability is the ending balance of the register.
To know more on how to create taxable sales in QuickBooks Desktop, call on our QuickBooks help number. You can also write to us at firstname.lastname@example.org. For more information visit – www.quickbooksupport.net.