- #Pay sales tax with credit card in quickbooks 2013 for mac how to#
- #Pay sales tax with credit card in quickbooks 2013 for mac professional#
Each invoice contains a column called Item, or Item Code, or Classification - depending on your version of QuickBooks. Items are required when creating an invoice in QuickBooks. As you can see in the "New Item" window, you can create Subitems, and you can enter the price of an item.
Then, for each Item, choose the account to which it will be linked. Note: some versions of QuickBooks may be slightly different.) For products that you purchase, track as inventory, and resell, choose Inventory Part For purchased products not inventoried such as materials for a particular job or products that are shipped directly by the vendor, choose Non-inventory Part.
#Pay sales tax with credit card in quickbooks 2013 for mac professional#
For consulting or professional services, choose Service. At the bottom, click Item and then click New.Ĭlick the drop-down arrow next to "Type" and review the choices displayed. From the top menu line, click Lists | Item List. You don't want an excess of items, but you don't want to make continual changes because then your QuickBooks reports won't be very useful. Some companies will have items for both services and products, such as a landscaping company, and many small businesses, such as consultants, may have one revenue account and only a few items.īefore creating items for your business, it is imperative that you sit down and document all of the current product and/or service categories that you would like to track. An item can, if desired, be created for each individual product and the product's price can be specified. For instance, a hardware store could create items for product categories, such as plumbing, electrical, and housewares and then create subitems to further break down the types of products sold. Make sure to enter a line with the Journal Entries Item, with a 0.00 amount.A business selling a large amount of products may wish to create an Item for each product type and subitems to further break down the product list. Zero the Sales Receipt to the Adjustment Clearing Account (using the Adjustment Clearing Item) and follow up with a Journal Entry to clear the balance in the clearing Account. Do not enter any Sales Items – just enter the Sales Tax Items. To credit Sales Tax Payable, enter a Sales Receipt as described in the section titled, “Adjusting Income Accounts” of our article, Entering Adjusting Entries That Impact Items In QuickBooks- Part 1, and enter the Sales Tax Item(s) you need to adjust. Related Content: See Avalara's 2016 Sales Tax Changes White Paper However, if you are making corrections to the balance in Sales Tax Payable because the balance is incorrect, and you need to adjust the balance to agree to the Sales Tax Return, it is best to adjust both Sales Tax Payable and the associated Sales Tax Items. There is no need to impact both Sales Tax Payable and the Sales Tax Item for this type of adjustment. You will then apply this credit when you create the next Sales Tax Payment. You can also use the Sales Tax Adjustment window. If you are adjusting Sales Tax Payable for adjustments that show on the sales tax return, you can use a Journal Entry to debit or credit Sales Tax Payable. Corrective adjustments to Sales Tax Payable that are the result of incorrectly recorded transactions.Examples of this type of adjustment include (but are not limited to) reductions in Sales Tax Payable for timely filing discounts and increases in Sales Tax Payable for interest and penalties. Adjustments to Sales Tax Payable that show on the Sales Tax Return.There are two types of adjustments to Sales Tax Payable:
#Pay sales tax with credit card in quickbooks 2013 for mac how to#
In this installment of Joe's Master Tips, we examine how to adjust Sales Tax Payable by Sales Tax Item in QuickBooks.
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