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Paying sales tax

From: QuickBooks Pro 2010 Essential Training

Video: Paying sales tax

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.

Paying sales tax

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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This video is part of

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QuickBooks Pro 2010 Essential Training

69 video lessons · 21879 viewers

Bonnie Biafore
Author

 
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  1. 8m 19s
    1. Welcome
      52s
    2. Editions of QuickBooks
      3m 24s
    3. QuickBooks bookkeeping basics
      2m 46s
    4. Using the exercise files
      41s
    5. Disclaimer
      36s
  2. 9m 12s
    1. Opening a company file
      2m 4s
    2. Using the QuickBooks menus and home page
      2m 49s
    3. Touring the Customer, Vendor, and Employee Centers
      2m 32s
    4. Navigating between QuickBooks windows
      1m 47s
  3. 10m 50s
    1. Gathering the information you need
      2m 4s
    2. Creating a company file
      5m 33s
    3. Converting from another program
      3m 13s
  4. 8m 19s
    1. Naming and numbering accounts
      3m 36s
    2. Creating an account
      2m 26s
    3. Making an account inactive
      2m 17s
  5. 14m 50s
    1. Creating a customer profile
      3m 40s
    2. Adding customer information
      4m 33s
    3. Creating a job
      2m 18s
    4. Making customers inactive
      1m 39s
    5. Creating a vendor
      2m 40s
  6. 43m 35s
    1. Why use QuickBooks items?
      2m 59s
    2. Creating a service item
      4m 26s
    3. Setting up time tracking
      2m 53s
    4. Entering time
      4m 19s
    5. Tracking mileage
      4m 34s
    6. Creating an inventory item
      6m 7s
    7. Creating a non-inventory item
      3m 34s
    8. Setting up sales tax
      6m 59s
    9. Setting up discounts and charges
      3m 46s
    10. Creating a group of items
      2m 16s
    11. Making items inactive
      1m 42s
  7. 30m 46s
    1. Creating a purchase order
      3m 8s
    2. Entering a bill
      4m 37s
    3. Recording inventory you receive
      3m 47s
    4. Paying bills
      4m 5s
    5. Handling a credit from a vendor
      5m 2s
    6. Writing a check for expenses
      3m 17s
    7. Paying with a credit card
      1m 40s
    8. Paying with cash
      2m 53s
    9. Paying sales tax
      2m 17s
  8. 35m 5s
    1. Understanding invoices, statements, and sales receipts
      2m 23s
    2. Creating an invoice and filling in header fields
      2m 55s
    3. Adding items to an invoice
      5m 7s
    4. Adding billable time and cost to an invoice
      5m 57s
    5. Using subtotals, discounts, and other charges
      3m 6s
    6. Creating an estimate
      2m 49s
    7. Handling a customer credit
      4m 57s
    8. Creating a statement charge
      3m 7s
    9. Producing a statement
      4m 44s
  9. 14m 44s
    1. Setting up print options
      4m 13s
    2. Aligning forms with printer paper
      3m 0s
    3. Printing one or more forms
      4m 29s
    4. Emailing a sales form
      3m 2s
  10. 14m 8s
    1. Receiving a payment
      3m 49s
    2. Assessing finance charges
      4m 9s
    3. Creating a sales receipt for a cash sale
      2m 39s
    4. Depositing payments
      3m 31s
  11. 10m 37s
    1. Preparing to reconcile a bank account
      1m 50s
    2. Reconciling transactions to your bank statement
      3m 14s
    3. Correcting discrepancies
      5m 33s
  12. 9m 51s
    1. Using the Report Center to find reports
      3m 0s
    2. Running a report
      3m 45s
    3. Printing or saving a report
      3m 6s
  13. 6m 8s
    1. Why use journal entries?
      3m 3s
    2. Creating a general journal entry
      3m 5s
  14. 13m 39s
    1. Creating a new user
      4m 58s
    2. Backing up your company file
      6m 10s
    3. Restoring a company file
      2m 31s
  15. 27s
    1. Goodbye
      27s

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