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July 16, 2020
Question

For posting manual entries to tax a/c i n QB instead of Tax code.intax report in that manual posting transactions is not reflecting,can you advise which is best way to do

  • July 16, 2020
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1 reply

July 16, 2020

Hello jamaica1,

 

This is a great question. Accurately recording your sales tax in QuickBooks Online is an essential part of keeping a business's books in order. It'll give you confidence overall that everything is in balance and lessens the worry when it comes time to file to the government. I'm happy to go over sales tax in the program.

 

In order to reliably track taxes in QuickBooks Online, using the tax codes on the relevant transactions is the way to go. The program is designed to pull information from those transactions to populate the data in the sales tax centre through the Taxes tab. When you simply go ahead an add directly to the sales tax accounts, the program doesn't pick up those transactions for your sales tax filing.

 

Another option would be to use a journal entry. I recommend speaking with an accountant before diving into this option because it involves specific steps, such as using the Sales tax field on the form to choose which tax line to map the amount to. You can learn more about journal entries in general here: Create a journal entry in QuickBooks Online

 

You can use the My Accountant tab in QuickBooks Online to work with an accountant. With that tab, you can invite someone you're already working with as a user to your books so they can see them and make entries as needed. There's also the Find a pro to help button for when you don't already have an accountant. Simply click it to start your search.

 

I hope that helps explain things. I'll be here should you need clarification.