I'm trying to record my daily sales from a separate POS system. I have already created all the products and service needed. The problem is I input gross sales into my sales income section, but if i add collected taxes in the sales tax section i will not balance to 0.00$. I will be over the same amount in sales tax. If I enter net sales into the sales income section then i will balance to 0.00. Am I missing something?? Should I either not be recording the sales tax collected?? Are should I not be recording gross income and using net??
It sounds like you're following the steps in our record your total daily sales article. That resource goes over how to correctly make these entries. A couple of the things it points out is to mark the Daily Sales Income item you've created as taxable if sales tax is being collected and to confirm your rate is accurate.
I recommend checking those two things initially. Additionally, if you weren't using the steps detailed in our article for this, I'd advise to follow along with the process it provides as this will ensure your daily sales from separate Point of Sale systems are entered correctly.
If you have any other questions, please don't hesitate to reply. I'll be here to help. Have a great day!
Thank you for responding to my question. I am having another problem. Marking my gross sales as taxable. The reason for my problem is in Louisiana we may collect several separate taxes on one transaction. I own a convenient store and through out the day I may have 300-400 transactions a day all collecting multiple tax. The collected tax depends on the product. State tax is only collected on non edible items. Parish Tax is our local tax and they collect on all items + State if non edible (combined tax of both parish & state). Last I may collect an E911 tax on phone cards (combining all three tax and lowering the state tax%). I do get to see these taxes separated on my end of day report, but I'm not sure if I should maybe be separating them on Daily Sales receipt in quick books! The multiple tax collected causes confusion for me on quick books. I'm not sure how to enter this are if its needed.
I'm here to help you in recording your sales transactions.
We can assign specific categories to your products and services since they're taxed differently. This way, we'll be able to determine the tax amount based on what the product is and where you sell it. I'll show you how:
Select Sales from the sidebar menu.
Go to the Product and Services tab.
Choose the appropriate product/service, then click the Edit link from the Action column.
Select Choose a special category from the Sales tax category.
Click Save and close to confirm the changes.
As long as you've assigned the appropriate categories, the program will accurately calculate the sales tax. Though, you may separate them on your daily sales receipts. This way, you'll be able to track the taxes by product or service.