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moralshell
Level 2

How do I make one payment from multiple sales tax periods and have it match a downloaded transaction?

My client's sales tax for several months went unpaid last year. I made the sales tax payments period by period this year and matched those to the sales tax screen, but the penalties and interest payments were combined into one payment. I want to match the bank feed transaction to the multiple tax periods to clear those penalties from the history.

Solved
Best answer March 06, 2021

Best Answers
Angelyn_T
QuickBooks Team

How do I make one payment from multiple sales tax periods and have it match a downloaded transaction?

Hi @moralshell.

 

Thank you for getting back to the Community page. I want to ensure you'll be able to match the downloaded payment correctly.

 

To match your transactions, you should have an existing payment recorded from QuickBooks. Thus, you can either record an expense transaction the same amount as the downloaded transaction. Or, record a payment for your taxes from the Sales Tax Center.

 

Here's how:

 

  1. Click on View return beside the overdue tax.
  2. Select Record payment.
  3. Fill in the details, then tap on Record payment again.
  4. Return to the sales tax center, then repeat the steps for the other overdue taxes.

 

Once done, the payment/s will automatically link to your downloaded entry.

 

For more tips about recording tax payment and matching or categorizing transactions on the banking page, you can open these articles:

 

 

Moreover, you can open the topics from this link for more tips about bank feeds and reconciling accounts.

 

If you have any other questions about matching your transactions, please let me know by adding a comment below. I'm always here to help. Keep safe!

View solution in original post

4 Comments
Adrian_A
Moderator

How do I make one payment from multiple sales tax periods and have it match a downloaded transaction?

You have me to help you match the payments, moralshell.

 

We'll have to record the Sales Tax Payment for each period. Then, ensure that the date were the same as to when the payment was posted to your bank.

 

Afterward, we'll have to Find Match for the penalties. This way, the system will resolve the difference. Before doing so, we'll have to create an expense account.

 

Let me guide you how:

 

  1. From the Accounting tab, select Chart of Accounts.
  2. Click New.
  3. Select Expense as the Account Type.
  4. Select a Detail Type.
  5. Give it a Name.
  6. Select New.
  7. Select Save and close.

 

Then, here's how to resolve the difference:

 

  1. From the Transactions tab, select Banking.
  2. Go to the For Review tab.
  3. Select the penalties and then click Find match button.
  4. In the Match transactions window, select the checkbox of the appropriate transactions.
  5. Select Resolve Difference to open the Add resolving transactions fields.
  6. Select Add new transaction.
  7. From the drop-down list in the Category field, select the Bank Fees expense account you created.
  8. Enter the Amount of the bank fee.
  9. Select Save and close.

 

Once you're ready to reconcile the transactions, you can check this guide: Reconcile an account in QuickBooks Online.

 

There you have it, moralshell. I'll be around if you need help in reconciling the account. Keep safe!

moralshell
Level 2

How do I make one payment from multiple sales tax periods and have it match a downloaded transaction?

So here's where your steps don't work for me:  On step 4) Match transactions: I select that and change the date to a date before the first tax period for which the penalties are assessed (ex: 01/01/2020). This gives me a list of all open bills and expenses. None of the penalties that I created in the Sales Tax tab are there. (When I check the Sales Tax tab, each month is properly showing a past due balance in the amount of the penalties that I entered). 

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So my question still is: How do I match the monthly Sales Tax penalties to ONE payment that has downloaded from my bank feed?

 

ex: Each month has late fees, so there are 7 different "tax bills" for penalties.

Payment made and has dropped into the bank feed.

I need to match the one payment to those 7 bills so that they show as paid in the Sales Tax feature. How do I do that?

Angelyn_T
QuickBooks Team

How do I make one payment from multiple sales tax periods and have it match a downloaded transaction?

Hi @moralshell.

 

Thank you for getting back to the Community page. I want to ensure you'll be able to match the downloaded payment correctly.

 

To match your transactions, you should have an existing payment recorded from QuickBooks. Thus, you can either record an expense transaction the same amount as the downloaded transaction. Or, record a payment for your taxes from the Sales Tax Center.

 

Here's how:

 

  1. Click on View return beside the overdue tax.
  2. Select Record payment.
  3. Fill in the details, then tap on Record payment again.
  4. Return to the sales tax center, then repeat the steps for the other overdue taxes.

 

Once done, the payment/s will automatically link to your downloaded entry.

 

For more tips about recording tax payment and matching or categorizing transactions on the banking page, you can open these articles:

 

 

Moreover, you can open the topics from this link for more tips about bank feeds and reconciling accounts.

 

If you have any other questions about matching your transactions, please let me know by adding a comment below. I'm always here to help. Keep safe!

View solution in original post

moralshell
Level 2

How do I make one payment from multiple sales tax periods and have it match a downloaded transaction?

That worked! Thank you so much for clarifying! 

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