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Level 1

When setting up my taxes I chose cash but I would like to change it to accrual. How do I change it?

 
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Level 6

When setting up my taxes I chose cash but I would like to change it to accrual. How do I change it?

Hello hello89,

 

Congrats on setting up your sales tax! It's a huge milestone in QuickBooks, and ensures you'll get the full benefits from the powerful tracking features included. Thanks to the sales tax centre built into QuickBooks Online, you can take advantage of enormous time savings when filing your returns. Changing this setting can be done at any time, and I'll be glad to show you how.

 

One thing to keep in mind before making any changes to this option is that it may cause differences between what's been filed, and what should've been filed. QuickBooks Online will automatically track this in an Open Transactions column of your next return, so you can rest-assured no transaction will be missed or double-filed. If you haven't filed a return yet, there's nothing to worry about. It's just a few steps to manage this setting:

  1. Select Taxes from the left menu.
  2. Select Sales Tax at the top.
  3. Click on Manage Sales.
  4. On that page, click the drop-down arrow beside Add Rate.
  5. Select Edit Agency Settings.
  6. Choose Accrual under Reporting method then click Save.

Let me know how this goes! I want to make sure you're all set to start preparing your returns.