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Please help me:
I sold an item for 317.59 and Paypal charge. In which amount, I should calculate sales tax @20%? Before deducting Paypal fee on 317.59 or after deducting Paypal fee on 303.54? Thanks in advance.
I appreciate your time checking this with us, @Rashed54,
Normally, sales tax is charged to the products you sell before the fees. In Sweden, sales tax is charged to customers based on the purchase price of certain goods and services.
The formula should be gross sales (317.59 SEK) multiplied by 20% tax, then fees. I would still recommend contacting a tax advisor or agency to get further advice about charging sales tax based on your business type and agency regulations.
If you're processing sales in QuickBooks, we calculate the sales tax for you. Check out our Resource Page to learn more about handling taxes on sales: Tax for QuickBooks Online
Feel free to get in touch with us again if you have any other questions about QuickBooks. I'll be right here to help you anytime.
Let's make sure to correctly enter your tax amounts, Rashed54.
QuiickBooks automatically creates a default tax code once you turn on tax tracking. You can create a Sales tax with a 20% rate. Here's how:
Then, choosing it as inclusive or exclusive depends on what you're going to select in your invoice. I've attached a screenshot for your guide.
For future reference, you can run reports in QuickBooks Online to give you different aspects for your business: Run Reports In QuickBooks Online.
Keep in touch if you have any other concerns. I'll always be right here to help.
I've got some steps on how to record your PayPal fee in Quickbooks Online (QBO), Rashed.
To record it in QBO, let's set up a Bank Charges account to track the fee. Let me show you how:
Then, add the Paypal fee in the Bank Deposit window. This way, there's no need to edit the original transactions in QBO.
Here's how:
The total amount should be the same as the one reflected on your actual bank account.
For more details about recording bank deposits, check out this article: Record and make Bank Deposits in QuickBooks Online.
Feel free to visit our Banking page for more insights about managing your bank transactions.
You can always count on me if you need a hand with categorising your bank transactions. I'm always here to address them for you.
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