I live in California, and the sales tax rate is going down by 0.25% statewide effective January 1, 2017. I have notified my bookkeeping clients who file sales tax that I will make the rate change in their QuickBooks files, but I realize this is more complicated than it seems. Based on U.S. QuickBooks Online customer transaction data categorized from Jan-Apr 2016. QuickBooks Self-Employed customers are not included. QuickBooks Online works on your PC, Mac, tablets, and phones. Sales Tax Revenue Summary - The Sales Tax Revenue Summary will show the amount of sales tax that you paid from taxable sales. Lists QuickBooks Lists Reports will give you access to vendor lists.
To enter adjustments to sales tax payable in QuickBooks Mac 2014 and above, go to Vendors > Sales Tax Adjustments. EXPERT TIP: In QuickBooks Mac 2014 and above, the “Pay Sales Tax” function allows the user to select a credit card account to make sales tax payments. Prior versions only allowed for sales tax payments from bank accounts. This includes Total sales, taxable sales, non-taxable sales and tax amounts due. Reformat wd drive for mac options. The Return summary also lets you add a tax adjustment (if needed) with just a few clicks! From the drop-down, choose the reason for the adjustment.
Of all the areas that consultants struggle with, finding and fixing sales tax errors is one of the toughest because we can’t get the detailed reports our Windows’ counterparts have access to within the software. Some of us – determined to track down those nagging discrepancies – turn to “round-tripping” (converting the file from Mac to Windows and back to Mac) only to find the data scrambled in the process. For others, the conversion to QuickBooks for Windows is successful and provides reports not available in QuickBooks for Mac, but finding the problem provides little relief if fixing it in Windows or Mac is not an option. Here, we have provided a step-by-step guide for finding sales tax errors and our advice for fixing them. Spoiler alert: starting with QuickBooks Mac 2014, you can use the same “Adjust Sales Tax Due” feature that’s been available in Windows for years.
Sales Tax reporting errors can be caused by: • Income transactions created with Journal Entries or Deposits • Sales Discounts created with Receive Payments • Sales Items mapped to Expense accounts, or Other Income accounts • Sales tax paid by Check instead of Sales Tax Payment • Prior period adjustments • Receive Payments entered in prior periods • And so much more How to Find Sales Tax Errors Start by creating both a Sales Tax Liability and a Profit and Loss report. The Total Income on both of these reports should the same.
Quickbooks For Mac 2016 Manual
If they aren’t the same, make sure the dates and the reporting basis on the Profit and Loss report matches that of the Sales Tax Liability report. EXPERT TIP: To set the reporting basis for the Sales Tax Liability report, go to QuickBooks > Preferences > Sales Tax If the reporting basis or the dates are not the reason your Profit and Loss does not match your Sales Tax Liability report, create another Profit and Loss report and filter it for income transactions and compare it to the unfiltered Profit and Loss report. Any differences will point you to the errors on the Sales Tax Liability. EXPERT TIP: The date on the Receive Payment, not the date on the Make Deposit or the Invoice, is the date that the sales tax liability will be impacted on cash basis. Partial payments are applied to sales tax in equal proportion to other Items on the Invoice. Click the “Filters” icon at the top left of the report Toolbar.