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TanyaL
February 6, 2023
Question

New Account + Tax form

  • February 6, 2023
  • 1 reply
  • 0 views

Hi, please help!

I need to set up an "Other Tax Exempt Income" account in the chart of accounts.  When I try this, there is no "non-taxable income" tax form. 

 

I hit "new" in Chart of accounts/Other income

 

But when it comes to any of the available required tax forms, my only options are the following:

-Dividend Income

-Interest Earned

-Other investment income

-Other miscellaneous income

-Tax exempt interest

Under regular "income" the options are:

-Discounts/refunds given

-Non-profit income

-Other primary income

-Sales of product income

-Service/fee income

-Unapplied cash payment income

 

1 reply

R
Rasa-LilaM
February 7, 2023

Thank you for turning to the Community about your concern, TanyaL.

 

Let me shed some light on the different accounts on the chart of accounts.


The account type column in QuickBooks Online (QBO) categorizes transactions into a few major account categories, such as the following:

 

  • Assets: a record of purchases for things like vehicles, equipment, buildings, and other assets used for business.
  • Liabilities: a record of money you owe but haven't yet paid like loans, mortgages, and lines of credit.
  • Income: transactions and payments related to your normal day-to-day business, such as sales revenue or income for services rendered.
  • Expenses: a record of money you spend on expenses related to normal business operations, such as advertising and promotion, office supplies, and rent.

 

Adding more account types to the online program is a fantastic addition that will benefit a large number of customers. This allows you to select the desired account and add it to the tax form. You can send this product suggestion directly to our developer for inclusion in future updates.

 

Here's how:

 

  1. In your company, tap the Gear icon and choose Feedback under Other.
  2. Enter a brief description of your product suggestion in the field box.
  3. Click Next to submit.

 

I've included a few resources that go into great detail regarding the various account and detail types:

 

 

You may also bookmark the Community link in your browser for future reference. It covers a variety of topics such as taxes, payroll, banking, cash flow, and other accounting-related activities.

 

Drop a comment below if you have other QuickBooks concerns or additional questions about setting up accounts. I'm always ready to answer them for you. Have a good one, TanyaL.

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