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2atactics
Level 1

My bank account is linked. How do I adjust imported/linked transactions/deposits for sales tax liabilities and to separate included freight fees?

I have both cash and credit card deposits. My credit card merchant for eCommerce provides me a report with a breakdown of those deposits (revenue, sales tax, freight). When I try to adjust a transaction for a deposit to split it for sales and sales tax it won't let me, says that type isn't allowed. I want to be able to use the Taxes section to register when my sales tax report is done but I can't seem to make things track properly. For cash deposits I do the math, 100 / 1.0825 and figure out my revenue/sales tax numbers that way, just don't know how to enter them.
3 Comments 3
Fiat Lux - ASIA
Level 15

My bank account is linked. How do I adjust imported/linked transactions/deposits for sales tax liabilities and to separate included freight fees?

which e-commerce platform do you have?

2atactics
Level 1

My bank account is linked. How do I adjust imported/linked transactions/deposits for sales tax liabilities and to separate included freight fees?

My eCommerce is industry specific.  Their deposits show through the link with my bank account.  Additionally I take credit cards face-to-face.  I need to be able to break down these linked deposits (and all deposits, really) to Taxable Sales, Non-Taxable Sales, Sales Tax, and Freight.

MadelynC
Moderator

My bank account is linked. How do I adjust imported/linked transactions/deposits for sales tax liabilities and to separate included freight fees?

I can help you manage these transactions in QuickBooks, @2atactics.


Thanks for posting on the Community page. Let me share some information about modifying imported and linked transactions.


QuickBooks Online allows you to adjust entries. For linked events, you’ll want to unlink them first before making any changes. Then you can split the payment to separate the freight fees. This way, you can match them properly to your downloaded bank transactions.


Here’s how:

 

  1. Go to the Sales menu, then All Sales.
  2. Locate the transactions you want to adjust and then select the dropdown arrow to View/Edit.
    Capture.PNG
  3. Click the linked transaction or payment made hyperlink.
    Capture.PNG
  4. Remove or uncheck the box on the entry.
    Capture.PNG
  5. Press Save and close.


Once the transactions open, you can start modifying them. When you’re ready to Receive payment again, you can follow the outlined steps below to split:

 

  1. At the top, click the Create menu (+New) and select Receive Payment.
  2. Select the customer name and enter the Payment date.
  3. Enter Undeposited Funds in the Deposit to field.
  4. Select the invoice you want to pay, and click Save and close.
  5. Do this to the other invoices you want to include in the deposit.


You can check this article for reference on how to record your deposits in QuickBooks. Then you can start categorizing and matching them.


Regarding imported transactions, creating an adjustment is unavailable. You can only adjust the entry that was entered manually in QBO.  


I also have a detailed guide here to ensure everything is accurate. You can visit our reconcile account article to learn more.


If you have any more questions, I'm always here to help. Have a safe and productive day ahead!

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