QuickBooks does wonders for businesses which are overburdened with never-ending accounting paperwork and complicated payroll calculations. The accounting software is developed by Intuit, consisting of different accounting tools to simplify the financial and accounting process and optimize your business.
Based on the rules of sales tax for a particular territory in which you run your business, you are required to collect either GST, HST, or a combination of GST and PST. With the help of QuickBooks, users can keep a reliable and accurate record of the taxes in order to monitor and remit them to the tax-collecting agency. So before setting up your sales tax items, do not forget to check the requirements of the tax agency. You can connect with quickbooks customer support number to know the right steps following which you will be able to set up sales tax in QuickBooks account. Before doing so, you can also have a look at the following steps, which will probably help you complete the setup process correctly:
Set up sales tax in QuickBooks account:
- Step 1: You first have to visit the ‘Edit’ menu and then choose ‘Preferences.’
- Step 2: Now, click on ‘Sales tax’ on the Preference window and go to the company Preferences tab
- Step 3: There, you need to click on ‘Yes’ to turn sales tax on
- Step 4: Further, you would have to set up the sales tax groups and tax items for each district, city, country, etc., from where you collect the tax. Tap on ‘Add sales tax item’ to perform this.
- Step 5: Allot sales tax code, which allows you to keep track of non-taxable and taxable sales or customers. By allocating the correct sales tax code, you can run a report which divides non-taxable and taxable sales. Two tax codes are automatically created once you turn on the sales tax in QuickBooks, and those are TAX and NON.
- Step 6: You would then be required to select the basis of Sales tax, whether it be Accrual or Cash. Consider your company’s preference and accounting while doing this.
- Step 7: Then, select the preference for paying the tax (Quarterly, monthly, or annually)
- Step 8: Select ‘OK’ after performing all the steps.
You will end up setting up the sales tax in QuickBooks account once you execute the steps mentioned above. In case you come across any disruption while implementing these steps or if you could not set up the sales tax even after following them, do not hesitate to ring up quickbooks customer service to speak to professionals regarding the matter.
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