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Level 1

QB is not calculating sales tax payable correctly

I ran my sales tax liability report.  I entered the taxable sales into my state's system and the sales tax payable does not match the report.  QB is inflating the number.  My total taxable sales were $39,218 with a tax rate of 8.25%.  QB is showing that the payable is $3,311.  The correct payable should be $3,235.  I checked all of the sales and I checked the sales tax percentage, and they are correct.  How do I get QB to calculate it correctly? 

Solved
Best answer 12-10-2018

Best Answers
Level 15

check the basis of the sales tax liability report, if the...

check the basis of the sales tax liability report, if the state wants you to report sales tax based upon cash basis then the report also needs to be on cash basis

View solution in original post

5 Comments
Level 15

check the basis of the sales tax liability report, if the...

check the basis of the sales tax liability report, if the state wants you to report sales tax based upon cash basis then the report also needs to be on cash basis

View solution in original post

Anonymous
Not applicable

So how do I check if its cash or accrual basis? and how w...

So how do I check if its cash or accrual basis? and how would I change it?
Level 8

From the options icon at the top of the report.

From the options icon at the top of the report.
Level 1

It did not help me, my difference is only 0.09ct but math...

It did not help me, my difference is only 0.09ct but mathematically QB does not calculate 3.5% off the amount right. Any thoughts on that?
Level 1

The discrepancy is likely due to a rounding difference on...

The discrepancy is likely due to a rounding difference on several individual invoices.

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