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brandozer1
February 3, 2024
Question

How do I mark bank register transactions as sales and sales taxable?

  • February 3, 2024
  • 1 reply
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I only use Quickbooks for the bank register and the taxes. Almost all of my sales is done through credit card processing batches via another processor and cash deposits at my bank. These go into my bank register as sales. When I go to my sales tax screen is shows $0.00 but is does show a single Quickbooks taxless transaction I did. Is it possible to report only my sales transactions in my bank register? 

All I need to do is calculate my total sales, and calculate my collected sales tax from my batches and deposits.

1 reply

I
IrizA
February 3, 2024

Let me share some information regarding this matter, brandozer1. 

 

Marking the transactions within your bank register as sales and sales taxable is unavailable. In addition, it won't be possible to report only sales transactions in your bank register. 

 

However, you can manually create a new account within the Chart of Accounts to view only your sales transactions. After this, you can run a report named Sales Tax Liability Report to view your total sales and taxable amounts. You also have the option to personalize it according to your preferences and only display the essential information you require.

 

Here's how: 

 

Step 1: Create a new account. If you have an existing account for your sales transactions, you may proceed to step 2.

 

  1. Go to the Gear icon and click the Chart of Account option.
  2. Press New to create an account. 
  3. Fill out the necessary details and click Save once done. 

 

Step 2: Manually add the transactions within this account

 

  1. Search the name of the created account and double-click.
  2. Add the transaction by clicking the Add check dropdown and selecting a transaction type.
  3. Fill out the details and press Save once done. 

 

Step 3: Run a report named Sales Tax Liability Report

 

  1. Go to the Reports menu located at the left navigation panel.
  2. Click the search bar and type Sales Tax Liability Report. 
  3. Press the result. 
  4. Click the amount within the Taxable Amount column.
  5. Since you only want to see some specific transactions, you can customize this report by clicking the Customize option. 
  6. You can adjust the Report period according to your preferences. 
  7. Click the Filter dropdown.
  8. In the Transaction Type dropdown, select a transaction that you want to see in your report.
  9. Once you're done, click Run Report. 

 

I'll leave these articles for you to view from time to time in case you want to learn more about the Chart of Accounts: 

 

 

Furthermore, you can also print or export your reports if you want to use your reports outside QuickBooks: Run reports in QuickBooks Online. 

 

You can always ask us anytime if you have any questions in mind. Stay safe. 

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