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Recording Sales Tax Payments Including Penny Rounding, Penalty & B&O Tax Payment Adjustments

hi everyone, looking for some info on

 

do you know if there's a way to make more than one adjustment to a "record tax payment" entry?

 

when i make the payment with my tax agency at their online portal, the total amount withdrawn from my account includes the total tax amount (sometimes with a penny or two of rounding error) as well as the B&O tax and any penalties... but when i click on the "record tax payment" button it only gives me one option to make an adjustment which I have been using for the penny rounding, no option to record the B&O tax or penalties so the recorded payment shows less than the amount in my banking tab in QBO. I'm not being able to match the banking entry with the tax payment because it doesn't match, is there another way around this?

 

I was thinking to record the B&O & penalties as an expense entry separate from the sales tax payment... is it possible to match a banking transaction to more than one expense?

 

or maybe I need to add a tax agency to record the B&O tax separately? 

 

thanks any advice is helpfull

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QuickBooks Team

Re: Recording Sales Tax Payments Including Penny Rounding, Penalty & B&O Tax Payment Adjustments

Hi pipolhausen,

 

Creating more than one adjustment to record tax payment is unable. However, you can record your downloaded transactions to more than one expense. Let me walk you through how.

  1. Click (+) Create, then Expense.
  2. Enter the B&O and penalties information.
  3. Click Save and close.
  4. Click Banking, then Banking at the top.
  5. Select the account, then click the downloaded transaction.
  6. Click the Find match radio-button. Then, select the expense transaction.
  7. Click Save.

Once done, match your downloaded transactions in the Banking section. 

 

Please read this handy article about: Match and categorize your downloaded bank transactions.

 

If you want to separate your B&O tax, I suggest consulting with an account. This way, you're correctly recording it in QuickBooks.

 

You might also want to visit our page for future reference: Banking.

 

Let us know if there's anything else you need.

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