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Level 1

Reports generated from payments for calculating GET tax is giving us incorrect amounts.

We generate a report from Rental Income, Sales, and Sales of Product Income to pay General Excise Tax. For some unexplained reason, amounts appear in the report as amounts like $95.07 or $579.93. We did not invoice or collect these amounts. What is going on? How do we format the report to reflect the correct amounts?
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QuickBooks Team

Reports generated from payments for calculating GET tax is giving us incorrect amounts.

Hi katbelle2000,

 

I know how important it is to make sure you have the correct tax amounts to avoid penalties and maintain a good record of your company. I will help you find out how QuickBooks got the amounts you see in your reports.

 

The taxes in QuickBooks are automatically calculated based on your customer’s tax-exempt status, where you sell, where you ship, and your service or product’s tax category. It is essential to have the right setup to get the correct tax amounts in your sales transactions.

 

On the other hand, excise taxes are set up differently because they are created as a custom rate and then added to transactions. Therefore, the best way to check how you got the amounts is to drill down to the transaction level.

  1. Click the tax amounts on your report to see the list of transactions.
  2. Double-check the tax on the transactions by clicking on them and checking the tax details.

You can create tax adjustments when necessary.

 

Feel free to go back to this thread if you have other questions as you check the taxes on your report.

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