Comments on: Setting Up Sales Tax in QuickBooks http://www.sleeter.com/blog/2011/02/setting-up-sales-tax-in-quickbooks/ The Authoritative Source for Small Business Accounting Solutions Wed, 16 May 2012 22:51:51 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Nancy Dunn http://www.sleeter.com/blog/2011/02/setting-up-sales-tax-in-quickbooks/comment-page-2/#comment-124122 Nancy Dunn Wed, 16 May 2012 18:43:25 +0000 http://www.sleeter.com/blog/?p=194#comment-124122 Why does my sales tax report not show total sales for the month? I pay tax on PAID BASIS not on Accural. ? Why does my sales tax report not show total sales for the month?
I pay tax on PAID BASIS not on Accural. ?

]]> By: Ashley Parker http://www.sleeter.com/blog/2011/02/setting-up-sales-tax-in-quickbooks/comment-page-2/#comment-118070 Ashley Parker Fri, 27 Apr 2012 13:29:05 +0000 http://www.sleeter.com/blog/?p=194#comment-118070 thank you for your quick response. How do I use location tracking? thank you for your quick response. How do I use location tracking?

]]> By: Stacy Kildal http://www.sleeter.com/blog/2011/02/setting-up-sales-tax-in-quickbooks/comment-page-2/#comment-118049 Stacy Kildal Fri, 27 Apr 2012 11:23:34 +0000 http://www.sleeter.com/blog/?p=194#comment-118049 As far as the reporting goes, I can only suggest you contact the local tax departments to ask how you are required to track it. If you need any help, please feel free to contact me directly. There may be some other solutions, other than QBO that will suit your needs better. As far as the reporting goes, I can only suggest you contact the local tax departments to ask how you are required to track it. If you need any help, please feel free to contact me directly. There may be some other solutions, other than QBO that will suit your needs better.

]]> By: Stacy Kildal http://www.sleeter.com/blog/2011/02/setting-up-sales-tax-in-quickbooks/comment-page-2/#comment-118048 Stacy Kildal Fri, 27 Apr 2012 11:21:35 +0000 http://www.sleeter.com/blog/?p=194#comment-118048 Ashley, I would use location tracking to track sales in QBO - that will enable you to pull reports that show gross sales for each state. Then you'll be able to run a Taxable Sales Summary report, customize so that locations are displayed in separate columns and memorize. This will give you taxable sales per state. Ashley, I would use location tracking to track sales in QBO – that will enable you to pull reports that show gross sales for each state. Then you’ll be able to run a Taxable Sales Summary report, customize so that locations are displayed in separate columns and memorize. This will give you taxable sales per state.

]]> By: Stacy Kildal http://www.sleeter.com/blog/2011/02/setting-up-sales-tax-in-quickbooks/comment-page-2/#comment-118043 Stacy Kildal Fri, 27 Apr 2012 11:12:27 +0000 http://www.sleeter.com/blog/?p=194#comment-118043 QuickBooks Online UK handles VAT QuickBooks Online UK handles VAT

]]> By: Stacy Kildal http://www.sleeter.com/blog/2011/02/setting-up-sales-tax-in-quickbooks/comment-page-2/#comment-118041 Stacy Kildal Fri, 27 Apr 2012 11:10:30 +0000 http://www.sleeter.com/blog/?p=194#comment-118041 They can also, in the make deposit screen (they need to be using undep funds), add a line item posting to the sales tax account. Say the total is $10.60, and $0.60 is sales tax. One line item will be the 10.60 posting from Undep funds the next line will be -.60, posting to the other bank account Making the net deposit 10.00 That will take care of deposits to both accounts at one time. They can also, in the make deposit screen (they need to be using undep funds), add a line item posting to the sales tax account.

Say the total is $10.60, and $0.60 is sales tax.

One line item will be the 10.60 posting from Undep funds
the next line will be -.60, posting to the other bank account
Making the net deposit 10.00

That will take care of deposits to both accounts at one time.

]]> By: Charlie Russell http://www.sleeter.com/blog/2011/02/setting-up-sales-tax-in-quickbooks/comment-page-2/#comment-117902 Charlie Russell Fri, 27 Apr 2012 01:15:28 +0000 http://www.sleeter.com/blog/?p=194#comment-117902 Ashley, my apologies, I don't work with QuickBooks Online. I'll see if I can get someone to look at your questions. Ashley, my apologies, I don’t work with QuickBooks Online. I’ll see if I can get someone to look at your questions.

]]> By: Ashley Parker http://www.sleeter.com/blog/2011/02/setting-up-sales-tax-in-quickbooks/comment-page-2/#comment-117812 Ashley Parker Thu, 26 Apr 2012 17:26:09 +0000 http://www.sleeter.com/blog/?p=194#comment-117812 One more question (same person as above) I work for a company located in NC that is in the business of reselling services, sometimes to a customer that also resells those services again and sometimes we resell the services to the end user. When we resell to an end user, For example: We are contracted directly with Panda Express to install new POS machines at their various locations located through out the country. Currently, we are collecting sales tax for each different city and state that the corresponding Panda express restaurant is located in. This is creating quite a hardship on us for having to submit all the sales tax we have collected to each different city,county and state. Should we only be charging NC sales tax, since that is were we are located and Panda Express's transaction is taking place with us in NC not with the vendors we have contracted? One more question (same person as above) I work for a company located in NC that is in the business of reselling services, sometimes to a customer that also resells those services again and sometimes we resell the services to the end user. When we resell to an end user, For example: We are contracted directly with Panda Express to install new POS machines at their various locations located through out the country. Currently, we are collecting sales tax for each different city and state that the corresponding Panda express restaurant is located in. This is creating quite a hardship on us for having to submit all the sales tax we have collected to each different city,county and state. Should we only be charging NC sales tax, since that is were we are located and Panda Express’s transaction is taking place with us in NC not with the vendors we have contracted?

]]> By: Ashley Parker http://www.sleeter.com/blog/2011/02/setting-up-sales-tax-in-quickbooks/comment-page-2/#comment-117806 Ashley Parker Thu, 26 Apr 2012 17:02:17 +0000 http://www.sleeter.com/blog/?p=194#comment-117806 I work for a company located in NC that is in the business of reselling services, sometimes to a customer that also resells those services again and sometimes we resell the services to the end user. For example:Company A is contracted by McDonalds to install drive thru camers at 1000 different McDonalds located in various states all through out the country. Company A then contracts my company. We then locate and contract different vendors to perform the services. Currently, we collect company A's resell certificates for each state that the McDonalds are located in because they are not the end user and do not have to pay the sales tax. However from what I have learned about reporting our sales and use tax, we need to report our total gross sales in each state not just our tax exempt sales. How would I track this with the quickbooks online version? I work for a company located in NC that is in the business of reselling services, sometimes to a customer that also resells those services again and sometimes we resell the services to the end user. For example:Company A is contracted by McDonalds to install drive thru camers at 1000 different McDonalds located in various states all through out the country. Company A then contracts my company. We then locate and contract different vendors to perform the services. Currently, we collect company A’s resell certificates for each state that the McDonalds are located in because they are not the end user and do not have to pay the sales tax. However from what I have learned about reporting our sales and use tax, we need to report our total gross sales in each state not just our tax exempt sales. How would I track this with the quickbooks online version?

]]> By: Fernando http://www.sleeter.com/blog/2011/02/setting-up-sales-tax-in-quickbooks/comment-page-2/#comment-117678 Fernando Thu, 26 Apr 2012 07:43:06 +0000 http://www.sleeter.com/blog/?p=194#comment-117678 Thank you very much Mr Charles. Highly appreciate your answer and effort. Thank you very much Mr Charles. Highly appreciate your answer and effort.

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