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Best answer March 10, 2023
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Hi there, @marumir05.
I'm here to help deduct the taxes in QuickBooks Online (QBO).
Yes, you can deduct taxes by creating a new Expense transaction and adding sales tax under the category column and the exact amount to match the bank statement.
Here's how:
- Tap the +New button.
- Hit Expense.
- Select the Payee name and choose the Expense account.
- Choose the sales tax under the category and enter the amount and click Save and Close.
I also advise you to speak with your accountant so they can advise you on how to handle Unrestricted Net Assets. You can check our ProAdvisor page if you aren't associated with one, and we'll assist you to locate one from there if you aren't.
For more information about using a custom tax rate that suits your location and then adding them to your invoice or sales receipt, check out this article: Use custom rates to manually calculate taxes on invoices or receipts in QuickBooks Online.
I'll be sharing with you the following links below. These will provide you with more details on how each sales tax is being calculated in QuickBooks Online as well as steps on how to add sales tax categories to your products and services:
- Set up and use automated sales tax in QuickBooks Online.
- Learn how QuickBooks Online calculates sales tax.
I'm always here if you have further questions about sales taxes in QBO. I'm always glad to help in any way I can. Have a wonderful day!
Hi there, @marumir05.
I'm here to help deduct the taxes in QuickBooks Online (QBO).
Yes, you can deduct taxes by creating a new Expense transaction and adding sales tax under the category column and the exact amount to match the bank statement.
Here's how:
- Tap the +New button.
- Hit Expense.
- Select the Payee name and choose the Expense account.
- Choose the sales tax under the category and enter the amount and click Save and Close.
I also advise you to speak with your accountant so they can advise you on how to handle Unrestricted Net Assets. You can check our ProAdvisor page if you aren't associated with one, and we'll assist you to locate one from there if you aren't.
For more information about using a custom tax rate that suits your location and then adding them to your invoice or sales receipt, check out this article: Use custom rates to manually calculate taxes on invoices or receipts in QuickBooks Online.
I'll be sharing with you the following links below. These will provide you with more details on how each sales tax is being calculated in QuickBooks Online as well as steps on how to add sales tax categories to your products and services:
- Set up and use automated sales tax in QuickBooks Online.
- Learn how QuickBooks Online calculates sales tax.
I'm always here if you have further questions about sales taxes in QBO. I'm always glad to help in any way I can. Have a wonderful day!
