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How do I get a pre-tax credit to be treated using cash accounting rules? Environment: Because I use cash accounting, sales tax collected is credited to my Sales Tax Payable account based on when my customer pays the invoice, not when I create the invoice.Process: at the end of the quarter, I run a taxable revenue report that shows the pre-tax amounts. I report this to the state, then pay the sales tax calculated & due on that amount. This debits my Sales Tax Clearing account. After paying the tax, I run Pay Sales Tax, which credits my Sales Tax Clearing account and debits Sales Tax Payable. Of course, due to rounding per invoice, there can be a few cents difference between the sales tax on the pre-tax total for the quarter and the sum of the individual tax collected on invoices. The difference is made up by adjusting sales tax before Pay Sales Tax, at which time the few cents difference is debited/credited to a tax expense account so it becomes either a tiny expense or reducti
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Hi, in using Quickbooks online. Does anyone know if it is possible to supress the printing of the customers name on invoices? I know I can delete the customer name in the customer record but, I want to keep the contact name for record purposes but don't want it displayed above the Company Name when the invoices are printed....any ideas? Many thanks, Rob
HiLooking for best practice advice. Have entered purchase invoices onto system from supplier. Invoicing by supplier has been duplicated in that we had to pay a percentage of the PO and then the balance. Supplier has presented invoices for both the percentage and the full amount. We have only paid the invoice once. Therefore I have invoices on the system that we do not owe for. What is my best way to deal with these invoices. Such a enter dummy credits and put my story with them or should I simply delete the invoices from the system. Vat- tax exempt Code 0 - outside the scope of Vat. Looking for guidance on best practice. Thankin you
I've just joined up to the Quickbooks Self-Employed package and part of the setup is the tax profile. I'm wondering if I add my full-time employment income in the box labelled: Other Income (e.g rental) ? Because I guess they need to know my full-time income to ensure my tax I need to pay is accurate?
Hi, I don't see Project after upgrading to Plus. Does anyone have a solution? Thanks
cannot log in and link business account to self employed
Hi Guys, I am having a problem with QBO - I have distributors who have varying levels of discount based on performance. At the moment I am having to add their discount on an invoice by invoice basis. Having so many Distributors it becomes a problem remembering their discount, and not wanting to give the wrong discount level I have to go to my old software (Sage), look up the customer, get their discount, then come back to QBO and add that discount... very time consuming and extremely frustrating knowing how easy this should be to implement. I have raised this and requested to an agent he requests the feature but apparently they only do it if lots of people are requesting it. I find it hard to believe I am the only person in the world banging is head against a wall about this??
Hi,I have been trying to manage my customer base both retail and wholesale, which is no easy task.I have read online that QuickBooks currently has a "Price rules Beta" available, is this available in the UK currently? Thanks, Jack.
Hi, I usually 'pay' myself £10/hour for each piece I make.Bearing in mind I never see that £10/hr as it gets eaten up in other costs...If I have 'paid' myself £4,800 for 4 months work, do I add this in as a withdrawal/wages even if I've never seen it and it's never 'gone' anywhere? So in theory the business owes me £4,800 in wages? Or as I'm self-employed for this part, do I not get to pay myself a wage and have that tax deductible? Thanks!
I have some start up costs I incurred in the months before setting up and registering as a self employed lone trader. I don't want reimbursement as I'm not a company, and it's all my money, but advice on how I can add them to my transactions and what categories? I have the receipts etc. Any help would be welcome as I need to file on 31st January.
When some items are not delivered against a purchase order, how do I enter the bill and save the undelivered items for billing later?
