Skip to main content
M
mtset
January 4, 2021
Question

Adjusting sales tax by end of month

  • January 4, 2021
  • 1 reply
  • 0 views

I want to know what is the correct way to adjust sales tax for remittance.

I import all Amazon invoices to my quickbooks. However I realized that all FBA fees in Canada was reported as the total and every month I could download a copy of the tax break downs invoice. By the end of the month, these fees were already recorded . How could I adjust these fees to reflect the taxes correctly ?

1 reply

PatriciaT
PatriciaT
January 4, 2021

Hi mtset,

 

I'm glad to hear you've chosen QuickBooks Desktop to easily manage your business. Sometimes you need to review and adjust some entries to keep your books accurate. I'll be happy to point you in the right direction with this.

 

Adjusting your sales tax in the program can be done using the following steps.

  1. Go to the Sales Tax menu, click Manage Sales Tax, and then click Adjust Tax Owing.
  2. Choose an Adjustment Date.
  3. Fill in the Entry No. field.
  4. (Optional) If you track classes, select a class for this adjustment.
  5. Click the Tax Agency drop-down list and choose the agency to which the adjustment applies, such as Receiver General.
  6. Click the Sales Tax Item drop-down list and select the sales tax item for the return line you want to adjust, such as GST Adjustments.
  7. Click the Adjustment Account drop-down list and choose an account.
  8. In the Amount section, enter the amount of the adjustment.
  9. (Optional) Enter a memo to describe the adjustment.
  10. Click OK.

You can reference these steps and learn more about processing sales tax adjustments in this article: Process sales tax adjustment

 

I also recommend reaching out to your accountant to ensure that everything's lining up correctly in your books for your business needs. If you don't have an accountant, you can easily connect with one around your area on our Find-a-ProAdvisor website

 

I hope this helps! Don't hesitate to stop by if you have more questions.

 

Terms & ConditionsAccessibility statement