QuickBooks is very useful in accounting as this is worldwide used for managing to account. QuickBooks also support you to manage the sales tax in QuickBooks. You may be required to collect some certain tax for some goods and service your offer. This QuickBooks helps you to set up the sales tax and pay as well, Let’s start to learn how this feature works.
Setup Sales Tax in QuickBooks
- Go to edit menu
- Select Preferences
- On the preferences window select sales tax
- Go to the company preferences tab
- Select yes to turn on the sales tax
- Set up sales tax items for the country, district, and city
- Click Add sales tax item
A Sales tax item is used to add and calculate tax charges when you make any taxable sale
Create a new taxable item:
- Select Tax item from the drop-down menu
- On the sales tax field, enter your preferred name for the tax item
- Enter the specific rate for the item in the tax rate field
- Type the name of the collecting agency on the tax agency field
- If the agency is not in the list select add new to set up
- Select OK
Edit an existing sales tax item:
- Go to list menu
- Select Item list
- Find the sales tax items you need to update
- After right-click select edit item
- Update the information like the sales tax name, rate, tax agency, etc
- Select ok
Sales Tax Group
Set up the sales tax group for the multiple sales tax items that appear on the same sales transactions. After setting up the sales tax group you an easily track the report sales taxes and they show as a single line on the invoices.
- Select Tax group from the drop-down
- Type your preferred name on the group name field, for the tax item group
- Enter each sales tax that you need to include in the group if the tax item is set up, select add new
- Select Ok
- Assign sales tax codes. It helps you to track the taxable and nontaxable sales customers. When you turn on the sales tax two tax codes automatically created TAX and NON. TAX is used for the customers and items that you need to collect the tax and NON for those items and customers for those you don’t want to collect the tax for.
- Set the sales tax basis. Take in to account your company accounting and preferences
- Set up your preferences for paying the sales tax(Annually, Quarterly and monthly
- Select ok
Setting up the sales tax in QuickBooks is the ultimate way to get rid of manually reminding each and everything. You need to just enter the details and it will be executed as per the details entered by you.
How to contact us
For more information feel free to dial QuickBooks support number and get connect to a QuickBooks support expert team. Experts are having years of experience with excellent knowledge which makes then more perfect to understand the queries in quickly. QuickBooks team is polite and always keen to help the clients. They are available 24*7 to help and support your business. Additionally, you can also email at email@example.com and one of the experts contact you soon with the resolution. We provide you the best solutions from the industry-endorsed experts with satisfaction. Get the latest solutions and run your business in a new way.