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October 20, 2024
Question

How do I apply sales tax to a deposit? Do I just do it manually?

  • October 20, 2024
  • 1 reply
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1 reply

October 20, 2024

The sales tax feature is conveniently available for all your sales transactions only, @scott225. To include the tax, you can have an invoice or a sales receipt. I'm here to guide you through the process.

 

In including the sales tax, you can either create an invoice followed by a receive payment, or directly create a sales receipt and ensure the tax is applied. Here's how:

 

  1. In the +New button, click Invoice
  2. Select the customer in the Add customer dropdown and put the Product or service
  3. Tick the Tax box and if done, hit Save and close.

 

After recording an invoice, make sure to choose the correct bank account in the Deposit to option when creating the Receive payment.

 

Moreover, to include the sales tax in your bank deposit, you can manually add it by creating a line item in the Add funds to this deposit section. Simply follow the steps outlined below for guidance.

 

  1. Hover to the +New button and select Bank deposit
  2. Scroll down until you reach the Add funds to this deposit
  3. From the Account, pick the account you use in tracking your sales tax. 
  4. Enter the sales tax in the Amount
  5. If done, hit Save and close.

 

 

On the other hand, you may visit this article to help you match your QuickBooks deposits and your real-life bank statements: Fix QuickBooks Payment deposits to match your bank statements.

 

Once you've completed the steps above, you'll be able to successfully record a bank deposit that includes sales tax. If you have any more questions about sales tax or other features, feel free to reach out. I'm here to help whenever you need assistance.