Solved
General journal entry for sales tax
We failed to charge sales tax on several invoices that have already been paid, now that sales tax is due we will have to pay these out of company's pocket. How do I make this entry in QB online?
JessTAnswer
Jan 29, 2022 7:36 PM UTC
..Hi there, LLG27.
I'll help you with your tax.
Instead of adding a journal entry, you'll want to create a sales tax adjustment to show how much you owe. Here's an article to guide you through that: Create or delete a sales tax adjustment.
If you don't know how much amount to adjust, you can create a sales report for the period in concern to get the total taxable sales or do this per customer. You can even create a dummy invoice with one item, make sure the amount is equal to the total sale, and then assign a sales tax rate to it to get the tax amount. Do not save the invoice.
Here's an article for your additional reference: Sales tax in QuickBooks Online.
Let me know if you need more help with your tax. Take care and have a good one!