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4 replies

JasroV
JasroV
Level 8
July 12, 2020

Hope you're having a great day, @PuzzleCoffee.

 

QuickBooks Online (QBO) automatically creates two defaults accounts when setting up sales tax. These are the Suspense account and the Payable account. Let me share with you how it works.

 

Transactions created with taxes is added to the Payable account. The Suspense account should remain zero (0) and should be balanced. Suspense account depends on your sales tax filing. Whether it'll go up or down depending if it's a refund or a payment.

 

Filing your sales tax return moves the sales tax liability amount from Payable to the Suspense account. Recording the sales tax payment moves the amount from Suspense to the bank account. 

 

To learn more about taxes in your QBO account, I encourage checking our Tax page for reference. Here, you can read useful tips in effectively managing your taxes.

 

Let me know if there's anything else I can help you with your QBO account. I'll be here to assist you with it. Keep safe!

    P
    PuzzleCoffeeAuthor
    July 13, 2020

    Thanks Jason,

     

    I've got it. 

    I need to delete also 2 returns that I prepared in the system, reason is: I have VAT Credit and the system doesn't have the "adjustment" (As its called in QB). Could I use it to post the right amount paid on the tax?

    C
    ChristieAnn 11
    Level 9
    July 13, 2020

    Hi there, PuzzleCoffee.

     

    I suggest contacting our QuickBooks Support Team to delete the two returns that you prepared in the system. They can pull up your account and have the tools to unfile the return for you.

     

    Here's how to contact them:

     

    1. Open your QuickBooks Account.

    2. At the top right, click the Help icon.

    3. Click Contact Us.

    4. Under What can we help you with?, enter your concern about VAT returns.

    5. Click Let's Talk.

    6. You'll be routed into the Choose a way to connect with us page.

     

    • Start a chat with a support expert.
    • Get a callback from the next available expert.

     

    7. Select how you want to contact them and fill in the information.

     

    The reason the system doesn't have the adjustment, it's because the VAT return was marked as filed already. That being said, once our support unfilled your return in our system, you'll now have the option to make vat adjustment. Then, use the VAT Credit to post the right amount paid on the tax.

     

    I've attached a screenshots below for visual references.

     

     

     

    Please check this article to see information on what happens after you enter a tax adjustment: Track tax adjustments.

     

    Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.

    P
    PuzzleCoffeeAuthor
    July 17, 2020

    I would like to remove a wrong Filed Tax for the months of Jan/2020 and Feb/2020.

    I know suspense supose to be 0 zero, but I filed wrongly because of the credits of VAT that I have and I couldn't adjust on the report.

    S
    SarahannC
    Level 9
    July 17, 2020

    Glad that you've posted again, PuzzleCoffee.

     

    Let me share the things that we can do to correct your filed tax in QuickBooks Online.

     

    As my colleague suggested above, we're unable to remove or delete the filed tax in QuickBooks Online. Only the tax payment can be deleted within your account. With that, we'll need to contact our specialist first to help us unfile the tax for January and February. This way, we can make any changes from the report and start for a VAt adjustment.

     

    Please consider following the steps provided by ChristieAnn. Here's the sample screenshot within our QuickBooks account. Let's take a look at this sample screenshot too:

     

     

     

    Let me know if you have other questions. We are all right here to help. Take care!

    R
    Rodrig
    January 14, 2021

    How to clear Percentage Tax suspense? This appears after I filed and pay the percentage tax for the quarter.  I thought it will clear after making a payment? But it is still showing in the report

     

    Rose-A
    Rose-A
    Level 10
    January 14, 2021

    I've got the steps you need to clear the percentage tax suspense, Rodrig.

     

    As referenced by my peer above, filing your sales tax return moves the sales tax liability amount from Payable to the Suspense account. Recording the sales tax payment moves the amount from Suspense to the bank account.

     

    You'll need to record the sales tax payment to clear the percentage tax suspense account. Here's how:

     

    1. Go to the Taxes menu.
    2. Select and highlight the tax agency you're recording the payment for in the Tax Owed list
    3. Tap Record Tax Payment.
    4. From the Bank Account drop-down, select the bank account you're making the payment from.
    5. Filter the payment date and tax ending tax period ending dates from the drop-downs.
    6. Enter the tax payment amount.
    7. Hit Record Tax Payment. If you need to print a check for the payment, check the Print a Check checkbox and then select Record Payment and Print Check.

    You can get more details about this process in this article: Manage tax payments in QuickBooks Online. It contains additional details on how to manage your sales tax payments.

     

    If you already recorded the payment and don't clear the percentage tax suspense account, let's access your account in incognito mode. You can use any of these keyboard shortcuts to launch a private window on different browsers:

    • Google Chrome: press Ctrl + Shift + N
    • Mozilla Firefox: press Ctrl + Shift + P
    • Safari: press Command + Shift + N

    Once signed in, go back to your report and see if it clears the percentage tax suspense. If it rectifies the problem, clear the browser's cache. Clearing the history or log of sites resolves most issues with the web pages. However, if the problem persists, I'd suggest checking the account used when paying the taxes.

     

    For tax-related concerns, check out our Help Articles for your reference. It provides you links to help you with your future task in QuickBooks Online.

     

    Please get back to me if you continue to get the same results or if you have any other questions about QuickBooks. I want to make sure you're all set. I'll be here to keep helping.

    M
    Mjvargas24
    June 12, 2021

    Hi,

     

    Please help me I need to correct my VAT refund 

    DivinaMercy_N
    DivinaMercy_NModerator
    Moderator
    June 12, 2021

    Hello there, @Mjvargas24.

     

    Making sure your books are correct is our priority. In this case, it's best to reach out to our Customer Care team. This way they can look further into your account and help you correct the VAT refund. To do so, please refer to these steps:

     

    1. Go to the Help menu.
    2. From the Assistant tab, enter a brief description of your concern. Example: Correct VAT refund.
    3. Then, type Talk to a human. 
    4. Click Get help from a human.
    5. Choose either Chat or Callback.

     

    Our phone support operating hours are from Monday to Friday 9:30 AM to 6 PM. To know more, check out this page: QuickBooks Online Support.

     

    For your guidance in recording a VAT refund in QuickBooks, check out this article: Record a VAT payment or refund.

     

    If you're looking for resources or articles you can bookmark or save for future use, you can always visit our QuickBooks Help articles page. You can manually search via entering a keyword on the search field or open any of the categories displayed to start browsing.

     

    Feel free to post here anytime you have concerns about recording your VAT refund in QuickBooks. I will be happy to assist you. Have a good one.

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