This was my question to my accountant and her answer:
How am I sure that QB keeps track of the sales tax so when I file Sales & use tax it’s easy for me, in other words how do I input that in quickbooks (separate out the deposit)? (where would I find that info next year?)
accountant answer: The $7.22 of sales tax would be recorded as a sales tax liability. Then when the sales tax is paid, the liability account is zeroed out.
My question is how do I "record as a sales tax liability?" Please include the steps for how to set up the account and also how to document the sales tax in that account.
Thank you!
