I have take over the books for a company that has used QB Desktop for 3 years now. Their former accountants did not use the File Sales Tax feature. The taxes were calculated manually and entered as a bill in the GST Payable account. These quarter filings returns are showing under Unassigned sales tax amounts in the Tax Agency Detail Report. When I try to utilize File Sales Tax, it contains every transaction since they started. I am not sure how to begin to correct this. Would anyone have a solution for me to generate the previous return reports to clear this up and bring it to current. I would like to show the owner how to use the File Sales Tax feature. Please and thank you.
I can share some tips on how you can generate this report.
We can use the QuickReport feature to view all the transactions (bills) that affect the GST Payable account. This report will serve as your reference in entering the transactions in the Pay Sales Tax window. You can follow these steps:
Select Lists from the top menu bar, then choose Chart of Accounts.
Right-click GST Payable account.
Click the Print button to print the report.
Then, let's create a back-up of your company file. This way, we'll be able to restore your data if you ever run into problems. After that process, we can now begin entering those transactions using the Pay Sales Tax feature.
Once completed, let's delete the transactions entered by the former accountant in the GST Payable account to get rid of the duplicates. I'll show you how:
Select Accountant from the top menu bar.
Choose Batch Delete/Void Transactions.
From the Transaction Type drop-down menu, select Bills
Select the appropriate transactions.
Click the Review & Delete button, then select Back Up & Delete or Delete only.
Choose Yes to confirm the changes.
I've included an article that will help you review your sales tax payable, so you can make sure everything is accurate before paying taxes.
You can always find me here if you need more help in managing your sales tax. Assistance is just a post away.
Thank you very much for your quick response. I will be back to their books next week and will follow your instructions. They are clear and straight forward. I appreciate that as the situation had me overwhelmed. I will provide you with feedback of my results.