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Join nowGood afternoon,
We are using the automatic sales tax calculations for our cash and carry purchases. There was a product ordered and never picked up. Our vendor did not collect tax due to the fact that it is cash and carry. I need to add the sales tax when I pay the State, however, we are keeping the item for our showroom so it will never go through the sale process to automatically add the sales tax amount. What type of entry can I make for that?
Thank you.
Solved! Go to Solution.
Hi there, Michelle. I can share some information about recording sales tax payments,
If you're adjusting the amount to be collected, it’s likely that the agency will still be expecting the original amount. That means you'll either be under-paying or over-paying your sales tax obligations.
It's necessary to use the appropriate account type when adjusting sales tax. That said, we'll have to set up an expense account if you need to increase your sales tax due or an income account if you need to decrease. To do that:
Then, let's add an adjustment. Here's how:
I’ve also added these resources to track and manage sales tax in QuickBooks. I’m sure these will be helpful:
Let me know if you need more help in recording your tax payments by leaving a reply below. Keep safe and have a wonderful day!
Hi there, Michelle. I can share some information about recording sales tax payments,
If you're adjusting the amount to be collected, it’s likely that the agency will still be expecting the original amount. That means you'll either be under-paying or over-paying your sales tax obligations.
It's necessary to use the appropriate account type when adjusting sales tax. That said, we'll have to set up an expense account if you need to increase your sales tax due or an income account if you need to decrease. To do that:
Then, let's add an adjustment. Here's how:
I’ve also added these resources to track and manage sales tax in QuickBooks. I’m sure these will be helpful:
Let me know if you need more help in recording your tax payments by leaving a reply below. Keep safe and have a wonderful day!
Where is the "add an adjustment" at?
No where can I find it to make an adjustment to paid sales tax to match the bank statement.
This is to add a discount for early payment.
Hi there, @Chicken2024.
I’ve noticed that you posted a similar concern to this forum concerning adding adjustments in QuickBooks Online.
In that manner, my colleague has already responded to your other post and outlined a solution to get things sorted out. If you have not yet been notified of their response, you can go to this link to be routed accordingly: https://quickbooks.intuit.com/learn-support/en-us/taxes/re-sales-tax-adjustment/01/1411153/highlight....
You’re always welcome to the Community whenever you have queries about QuickBooks. I’m always here to help.
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