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Level 3

Ending Balance for Reconciling Sales Tax Account

I am trying to Reconcile out Sales Tax Account in QBs online now that we have paid filed the tax online. Since we switched to the Tax calculating on the QBs app, our final totals on the app have not matched what we actually owe. The person previously in my position just let the totals sit there instead of reconciling the account each pay period. Now our totals are a mess but the amounts we have paid are correct. What my question is, what should my "Ending Balance" amount be when I go to reconcile? Should it be the amount still owed with the new taxes xollected after the payment period? Or should it be $0 since we paid what was due? Please help. I think I finally have all the tax figured out so that it calculates correctly, But I need to get the final numbers to match.

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QuickBooks Team

Ending Balance for Reconciling Sales Tax Account

I hope you're having a great day so far, @dal1cas2.

 

I'd like to ask a few questions to get a better understanding:

  • When was the last time the account was reconciled?
  • Is the amount owed with the new taxes have been paid and recorded?
  • Has the tax calculations changed? If so, was it before or after the last reconciliation?

If you can get back to me with more details, I'd be happy to assist you further!

 

I'll keep an eye out for your response. Talk to you soon.

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Level 3

Ending Balance for Reconciling Sales Tax Account

  • When was the last time the account was reconciled?  I last reconciled it 1/2/2020 after we paid the last taxes

 

  • Is the amount owed with the new taxes have been paid and recorded? New taxes are done. Amounts are recorded. I am wanting to reconcile them now.

 

  • Has the tax calculations changed? If so, was it before or after the last reconciliation? Tax Calculations have not changed. 
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Moderator

Ending Balance for Reconciling Sales Tax Account

Thank you for sharing additional details, @dal1cas2.

 

Your ending balance is indicated with the amounts beside the Reconcile button of your Sales Tax account register.

  1. Go to Accounting.
  2. Select Chart of Accounts.
  3. Find the sales tax account you wanted to reconcile.
  4. Under ACTION, select View register.

Here's a couple of articles you can read to learn more about how you can reconcile an account and how you can fix issues with reconciling it.

 

Let us know in the comments if you need more help. Have a good one!

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Level 3

Ending Balance for Reconciling Sales Tax Account

All I need to know right now is What my question is, what should my "Ending Balance" amount be when I go to reconcile? Should it be the amount owed for the next payment with the new taxes collected after the payment period? Or should it be $0 since we paid what was due?

Highlighted
QuickBooks Team

Ending Balance for Reconciling Sales Tax Account

Thanks for the clarification, @dal1cas2.

 

You'll want to enter the amount owed for the next payment in your ending balance. When reconciling your accounts in QuickBooks Online (QBO), the goal is to match your bank statement and what's recorded in your QBO account. In the end, the difference should be $0.00.

 

I got you these great articles to help you learn more about how reconciliation works in QBO:

Also, I recommend getting in touch with your accountant for guidance in reconciling your accounts. This way, we'll ensure the accuracy of your accounts after reconciling them.

 

Then in case you've beginning balance discrepancies, you can check these great articles on how to handle the situation: 

Don't hesitate to drop by whenever you need help with your QBO account. I'd be more than happy to help you. Take care!

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