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gerreswelding
Level 1

Correct previous years in sales tax center

 
3 Comments 3
Kristine Mae
Moderator

Correct previous years in sales tax center

Good day, Gerreswelding.

 

I'll help you make an adjustment. Here's how:

  1. Click Taxes.
  2. Choose Sales Tax.
  3. Click Record Tax Payment.
  4. Fill in the necessary fields, then put a check mark in the Make Adjustment box.
  5. Enter the amount, the reason, then choose the account.
  6. Click Record Tax Payment

As always, I suggest consulting your accountant since this might affect the reconciled months.

 

Don't hesitate to ask more questions by leaving a comment below. 

genaturally
Level 1

Correct previous years in sales tax center

Hello - I posted an adjustment in Sales Tax Center however it now shows as a credit entry on the vendor's account which is of course inaccurate.

Mark_R
QuickBooks Team

Correct previous years in sales tax center

Thank you for joining the thread, @genaturally.

 

Let’s edit your journal entry to correct the adjustment.

 

You’ll need to change the account under Credit into Other Current Liabilities. This way, the adjustment you’ve made will be accurate.

 

Here’s how:

 

  1. Find the journal entry you've created.
  2. On the first row under Account column, choose the Other Current Liabilities and enter the amount under the Credits column.
  3. On the second row, choose the Expenses account and enter the amount under the Debits column. Then, choose the vendor’s name on the far right under the Name column.
  4. Click Save and close.

Once done, you can check the Sales Tax Center if the adjustment is already accurate.

 

If you have any other concerns, feel free to leave a comment below.

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