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Level 1

Where taxes are stored when you use a Sales Receipts

I use sales receipts, just sales receipts, no invoices, nothing like that.  I use square, so I just sum that up and create an sales receipt for the month.

 

What does QBO do with the taxes?  I would think it would be in sales tax payable, but it is not.  That is the only liability tax account.

 

I click on taxes on the left column, which is setup correctly and the balance is $0.

 

I have sales receipts which should be about ten thousand in taxes payable, but it is $0 across the board.

 

The sales receipts say paid, tax box checked, states the taxes to be collected.

 

I'm stumped.

1 Comment
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Community Champion

Where taxes are stored when you use a Sales Receipts

Verify that the service item Sales Tax is correctly mapping to sales tax liability account. It does have to post somewhere if it appears on the sales receipt as an individual charge. If you record 10k in taxable sales at 5% tax rate the sales receipt would total $10500. Then you can deduct the square fees in the receipt or in the deposit.

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