Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
posted
Best answer June 11, 2021
Solved
Best Answers
Selecting the appropriate account for sales tax adjustment in QuickBooks Online is easy, and I'm here to show you how, @wk249.
When you need to decrease your sales tax due, you'll have to use an income account type for your adjustment. In case you don't have one yet, here's how to set up:
- Go to the Accounting menu.
- Select Chart of Accounts.
- Click the New button.
- From the Account Type drop-down, select Income.
- Select the account’s Detail Type. Use Sales of Product Income for an income account.
- Name your adjustment account (i.e., Sales tax due decrease).
- Select Save and Close.
I've attached a screenshot below that shows the last four steps.
After that, you're now set to add an adjustment to your sales tax payment. Please see the screenshot below for your reference.
Also, you can pull up the Sales Tax Liability report. This will help you effectively monitor your sales tax collection and the amount you owe to the tax agencies before filing your returns. To do this, just go to the Sales tax section from the Reports menu's Standard tab.
In case you have other sales tax concerns, just drop your comments below and I'll be glad to help. Take care and stay safe always.
Selecting the appropriate account for sales tax adjustment in QuickBooks Online is easy, and I'm here to show you how, @wk249.
When you need to decrease your sales tax due, you'll have to use an income account type for your adjustment. In case you don't have one yet, here's how to set up:
- Go to the Accounting menu.
- Select Chart of Accounts.
- Click the New button.
- From the Account Type drop-down, select Income.
- Select the account’s Detail Type. Use Sales of Product Income for an income account.
- Name your adjustment account (i.e., Sales tax due decrease).
- Select Save and Close.
I've attached a screenshot below that shows the last four steps.
After that, you're now set to add an adjustment to your sales tax payment. Please see the screenshot below for your reference.
Also, you can pull up the Sales Tax Liability report. This will help you effectively monitor your sales tax collection and the amount you owe to the tax agencies before filing your returns. To do this, just go to the Sales tax section from the Reports menu's Standard tab.
In case you have other sales tax concerns, just drop your comments below and I'll be glad to help. Take care and stay safe always.
It's my pleasure to help you add an adjustment in QuickBooks Online (QBO), @Chicken2024.
In QBO, the Add an adjustment option can be found in the Taxes menu. I'd be glad to show you how:
- Open your QuickBooks Online company.
- In the left navigation panel, look for Taxes.
4. Under the ACTION column, click View Tax Return.
5. Select Add an adjustment.
6. Choose the reason for the adjustment from the Reason dropdown menu.
7. Add an adjustment date.
8. Pick the account for adjusting sales tax from the Account dropdown menu. Note: (Choose an expense account if you need to increase the tax due. Choose an income account if you need to decrease the tax due).
9. Enter the adjustment amount.
10. Click Add.
Additionally, here's an article that you can browse through for you to be able to track your sales tax accurately: Set up and use automated sales tax in QuickBooks Online (QBO).
Please know that you're always welcome to reach out for further inquiries about managing your sales tax. I'd be glad to assist you 24/7. Stay safe!
