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Level 1

Sales Tax adjustment on sales receipt

I need help in understanding how to match my sales tax on sales receipt to match what the CC vendor charged in sales tax.  There is a $.01 difference between how the vendor calculated the tax (rounding tax by item) than how QB calculates the tax (rounding tax by invoice).  I need my sales receipts to match what the vendor charged the customer.  

1 Comment
QuickBooks Team

Sales Tax adjustment on sales receipt

Hello there, @New Day Hoedown.

 

There are times that the sales tax will automatically round up or down when calculated based on the amount of the invoice or sales receipt. You can process a sales tax adjustment for the $0.01 difference. This is to make sure you keep an accurate record of these taxes and match it with the CC vendor charged. Here's how to enter a positive adjustment:

  1. Go to the Customers menu.
  2. Select Enter Sales Receipts.
  3. Leave the Customer field blank.
  4. Select the Tax drop-down and choose a 0% sales tax item. If none exists, select Add New and create one.
  5. In the Item column, select the first empty line then select the sales tax item you want to adjust.
  6. In the Amount column, enter the amount of the adjustment then press Tab or Enter.
  7. Select OK when you receive the message "Changing the amount of a tax line item may cause your sales tax reports to be incorrect."
  8. Repeat steps 4 to 6 for any other sales items to be adjusted.
  9. Select Save & Close.

 

For negative adjustments, kindly refer to this article's Adjust amounts for sales tax items (Negative adjustment) section for the step-by-step guide: Process sales tax adjustment.

 

Once done, you should be able to match your sales receipt to what the vendor charged the customer. Then, to match your downloaded bank transactions, kindly refer to this article's Add and match transactions section for the detailed steps: Set up and use Online Banking (Mac).

 

Please know that you're always welcome to comment below if you have other concerns or follow-up inquiries about managing your sales taxes and other transactions in QBDT for Mac. I'm just around to help. Take care.

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