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Hey janz,
It sounds like you've already set up your Meals and Entertainment taxes correctly, so you're already on the right track! Having a separate account for the non-deductible portion gives you a clearer picture of exactly where your money is being spent, but many businesses prefer to include this in their regular meals expense account. In order to give you maximum control over your own books, the default tax expense account can be renamed at any time. Alternatively, the expense portion can be set up or the expense portion can be absorbed into the regular expense account. I'll be happy to help you with this.
You seem to have a solid understanding of setting up this tax code, but here's an awesome guide if you'd like a refresher: How to set up a sales tax rate for Meals and Entertainment
The easiest to make this change is to simply edit the name of the existing tax expense account. It's just a few simple steps, and it will apply retroactively:
This won't change how the expense portion is recorded or tracked, but it will appear with the desired name on your reports.
If you'd prefer to have the whole expense in a single account (based on the expense), that can also be done. You'll just need to create a new tax rate and group. One thing to note before proceeding with this method is it won't affect existing transactions. Since most of the work is already done, it's just a few more quick steps:
By selecting Non-tracking, you're telling QuickBooks to include this rate in calculations without tracking it in a separate account. Instead, the non-deductible portion will remain in the meals expense you selected on your transaction. All that's left to do is to add it to a group rate:
Feel free to make the old group inactive, as well as all the individual rates. Only the new group needs to be active to select it on your expenses. For real-time support, feel free to reach out using one of the methods below.
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I'm here for you, so let me know if you have any more questions!
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