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biffdiff
January 18, 2022
Question

Sales Tax in Sales Tax out - Best way?

  • January 18, 2022
  • 1 reply
  • 0 views

I'm receiving a sales tax on products for numerous countries at varying rates. I'm not going to be placing this into sales receipts because it would be too complicated. They will just be shown as sales tax free entries.
I simply want to account for the whole sales tax sum received into my bank account and then show it being paid to the tax authority.

What would be the best way to do this?
Thank you.

1 reply

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Ashleigh1
January 18, 2022

Hello Biffdiff, 

 

Welcome to the Community page, 

 

You would need to speak to a trained and qualified accountant who would be able to advise and guide you on how best to record this in your Quickbooks account as we are not trained accountants just technical support. 

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biffdiffAuthor
January 18, 2022

I understand that, Ashleigh.

Let me put it another way  - if I have money coming into my bank account and then going out, which is not to be shown as an income or expense, what would be the best way to do it?


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GeorgiaC
January 18, 2022

Hi biffdiff, you can record this using a journal entry however we're unable to advise which specific accounts to post against as this falls into accountancy advice, we'd recommend reaching out to a professional if you're unsure for best practice.

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