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In QuickBooks Pro 2010 Essential Training, author Bonnie Biafore shows how to most efficiently use this popular business accounting software to manage business finances. The course covers core QuickBooks features that business owners need to know, from recording typical bookkeeping transactions like bills and invoices, to reconciling accounts and managing company files. Exercise files accompany the course.
After you set up sales tax in QuickBooks, the program automatically calculates and adds it to the invoices and sales receipts you create. It keeps track of the sales taxes you collect from your customers and knows how much you owe to each tax agency. The Pay Sales Tax command lets you select the tax payments you have to make and write the checks to pay them. On the Vendors menu choose Sales Tax then Pay Sales Tax.
In the Pay Sales Tax window, QuickBooks fills in the Pay From Account box with your checking account. If you want to pay from a different account, choose it in the dropdown list. The program fills in the Show sales tax due through date based on how frequently you pay sales tax. If you have to pay monthly the program fills in the last day of the previous month. The sales taxes you owe also depend on whether you use accrual or cash accounting, as you learned in the video on setting up sales tax.
To pay all the sales taxes listed, below the table click Pay All Tax. QuickBooks adds a checkmark in the Pay cells for all the displayed taxes. QuickBooks turns on the Pay checkmarks and fills in the Amount Paid cells with the Amount Due. Click a Pay cell to toggle a checkmark on and off. If you need to adjust how much you pay, for example, because you pay on time and get a discount, click Adjust.
The Sales Tax Adjustment dialog box lets you change the sales tax you owe to a tax agency by a dollar amount. You have to choose the account for the adjustment, such as sales tax payable account. If you want to print the checks, turn on the To be printed checkbox. The Starting Check Number box shows the next check number for the account. If you turn on the To be printed checkbox, it'll say To Print. Click OK. QuickBooks creates a check transaction in your checking account.
Remember even on the transactions are in QuickBooks, you still have to write or print the checks and send them to the tax agencies.
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