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Hi there,
QuickBooks Online makes it so easy for you to prepare your tax returns. I know how important it is to have the flexibility to record installments to Line 110 on your return. I'd be happy to explain how simple it is for you to do so.
Here's how to record installments to appear on Line 110:
1. Click the Taxes tab on the left navigation menu.
2. Select Sales tax at the top of the page.
3. Click New > Installment.
4. Enter the account the payment is from, the payment date, the filing date, and the amount.
5. Click Record installment.
Recording your installment using this method will report this amount to Line 110 on your return.
I hope this helps get you back on track. If you have any other questions, please reach out to our tech support team.
Have a great day!
While that may work for people who do manual entry (as in your solution you are creating a new transaction), I download my transactions from my bank, and therefore I have an existing payment transaction that needs to be designated as the instalment payment. How do you do that?
Hi there info544,
Making sure that your transactions affect your taxes correctly is important for your bookkeeping. QuickBooks Online is a great tool to help you keep track of the taxes owed to make filing with the government easier. I can provide some insight into making an installment.
There is no way to make an installment directly from a transaction that was uploaded from the bank. The way to create such a transaction would be to use the steps provided earlier in the thread to create the installment. Once the transaction is created, you can then Match the transaction in your Banking tab with the installment you created in the Taxes section.
After creating the installment, navigate back to your Banking tab. Beside the transaction, there might already be a suggested match to the installment you created, with the word Match in the last collum instead of Add. If that's the case, click Match and your transaction is all set. If there is no suggested match, click on the Description of the transaction to open up a menu below the row, and click on the option Find match. Make sure the date range is set correctly to include the date of the installment you created earlier, and checkmark it in the list. Click the Match button in the bottom right corner to save.
If you have any other questions, feel free to reach out here.
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