Skip to main content
L
lisa-2i-t-com
March 12, 2025
Question

Tax Payable accounts - Balance Sheet

  • March 12, 2025
  • 1 reply
  • 0 views

Quickbooks has automatically given me several department of revenue payable accounts to track taxes. I don't want all of the states showing up on a balance sheet - I just want one tax balance to show up. Is there a way to create a report that summarizes the tax accounts so you only have one that shows up on your balance sheet? Thanks!

1 reply

K
Kurt_M
March 12, 2025

The Balance sheet report in QuickBooks Online (QBO) has many variants. However, please know that it not only shows state taxes but also other items under current liabilities, Lisa. I can provide options to help you get around this and acquire the data you need.

 

The balance sheet provides a clear overview of your assets, liabilities, and equity, but it can sometimes be overwhelming. To make your analysis easier, click the Dropdown arrow to collapse sections. Remember, current liabilities encompass your state tax obligations and other categorized liabilities. For visual reference, see the image below.

 

If you want seamless tracking of the tax accounts only, I suggest generating a Sales Tax Liability report for your sales tax and a Payroll Tax Liability report for your payroll taxes. After that, you can export the information from QuickBooks and compile the data using Microsoft Excel. Here's how:

 

  1. Access your QuickBooks Online company.
  2. On the left navigational bar, click the Reports tab.
  3. In the Search bar, enter Sales Tax Liability and click on the report.
  4. Filter the report to show data from a specific period. You can also set the report to product relevant data only.
  5. Once done, click the Run report button and then Export icon beside the Printer icon to download the report. Repeat this process when running the Payroll Tax Liability report.

 

For seamless navigation, I've added an image below.

 

 

 

On the other hand, here's an article to help you in case you'd like to email your balance sheet reports to your business partners in QBO: Set schedule and email information for a memorized report in QuickBooks Online.

 

Our QuickBooks Live Expert Assistant is available to provide valuable tips and support for your QuickBooks tasks, including taxes management, and streamlining running reports. Don’t hesitate to reach out whenever it’s convenient for you.

 

I can always assist with your reports or tax account reviewing inquiries in QuickBooks. Feel free to comment below, and I'll get back to you promptly to resolve them as soon as possible. Stay safe.

Terms & ConditionsAccessibility statement