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How do I add 4.52 to my tax liabities? I cant figure out how to do it without affecting my bank balance The collected taxes have already been recorded in sales andpaypal

I usualy dont have sales on my ebay store that I have to collect texes on, however last month several transactions where added that included collected sales tax. These items where added to my paypal account classified as sales.

I need to increase my sales tax liabilty by $4.52 and decrease my sales by $4.52 without changing my bank balance. This isn't the first time I've collected sales tax, but Its always been through a sales receipt by checking the box. Thanks for any help.
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Best answer 05-14-2019

Accepted Solutions
QuickBooks Team

Re: How do I add 4.52 to my tax liabities? I cant figure out how to do it without affecting my ba...

You can simply create Journal Entry, mrkingcasey.

 

This way, you can debit and credit different accounts. This article will guide you on creating a journal entry

 

If you'd like process early sales tax payment, you'll need to create an Other Current Liability account. Then, create a Sales Tax item and use the liability account you've created as the income account. See Enter sales tax amount manually as your guide.

 

Also, it'd be best consulting your accountant regarding on your sales tax liabilities.

 

If you other questions, leave a comment below.

8 Comments
Established Community Backer ***

Re: How do I add 4.52 to my tax liabities? I cant figure out how to do it without affecting my bank balance The collected taxes have already been recorded in sales andpaypal

Don't use a paypal import to make your entries

create a sales receipt for the sale as taxable, save and deposit

then, download paypal and match

Established Member

Re: How do I add 4.52 to my tax liabities? I cant figure out how to do it without affecting my bank balance The collected taxes have already been recorded in sales andpaypal

Some of the sales are already reconciled and cant be changed. I just want to add this adjustment. How can I do that? I just need to increase, or credit, a liability account and decrease, or debit a sales/revenue account.

Established Community Backer ***

Re: How do I add 4.52 to my tax liabities? I cant figure out how to do it without affecting my bank balance The collected taxes have already been recorded in sales andpaypal

in pay sales tax, click adjust, increase, select the account, enter the amount

Established Member

Re: How do I add 4.52 to my tax liabities? I cant figure out how to do it without affecting my bank balance The collected taxes have already been recorded in sales andpaypal

Thank you, sorry for the delay in my response. Where is the pay sales taxes page located?

QuickBooks Team

Re: How do I add 4.52 to my tax liabities? I cant figure out how to do it without affecting my ba...

Hello there, mrkingcasey.

 

You can follow these steps where you can make a sales tax adjustment:

  1. On the left panel, click Taxes.
  2. Choose Sales Tax.
  3. Click the View button of the sales tax you want to pay.
  4. On the Review your sales tax page, click the Add an adjustment link.
  5. Select the Reason, Account and enter the Amount.
  6. Click Add.

I've got this article for your reference: Set up and use Automated Sales Tax.

 

Please let us know if you need more help with QuickBooks Online Sales Tax. Thank you.

Established Member

Re: How do I add 4.52 to my tax liabities? I cant figure out how to do it without affecting my ba...

I pay my sales tax liability yearly. I don't want to wait until the end of the year to add a transaction to my sales tax payable account. How do I do this now? Is it even possible? I won't be paying my sales tax for a few months.

Established Member

Re: How do I add 4.52 to my tax liabities? I cant figure out how to do it without affecting my ba...

Is there a place in quickbooks where I can simply debit one account and credit another? I just want to do a simple balanced adjustment.

QuickBooks Team

Re: How do I add 4.52 to my tax liabities? I cant figure out how to do it without affecting my ba...

You can simply create Journal Entry, mrkingcasey.

 

This way, you can debit and credit different accounts. This article will guide you on creating a journal entry

 

If you'd like process early sales tax payment, you'll need to create an Other Current Liability account. Then, create a Sales Tax item and use the liability account you've created as the income account. See Enter sales tax amount manually as your guide.

 

Also, it'd be best consulting your accountant regarding on your sales tax liabilities.

 

If you other questions, leave a comment below.