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How to Create Sales Tax Report in QuickBooks | Run | Benefits

QuickBooks is the Software which helps small business to expand in the proper manner. You must keep track of your […]


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QuickBooks is the Software which helps small business to expand in the proper manner. You must keep track of your receivables, inventories, and payables among other things. You may capture employee data more quickly with help of the new features and functionalities which are added to the QuickBooks.

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Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Online. Utilize import, export, and delete services of Dancing Numbers software.

Managing sales taxes is a non-profit endeavor for your company. So, sale tax is very important for every business. For the setting of the proper sales tax, you have to manage tracking as well as always ensure that cash is there for paying sales taxes. You need to make sure that your business pays its sales taxes on time as it helps you in avoiding missing a remittance period.

You can use QuickBooks sales tax liability report for the generation of sales tax reports. You may easily follow local tax payment schedules for your business by customizing the period for which you wish to create the report on the Sales Tax Liability page. When you’ve finished creating a sales tax report, you can either review it on your screen or print it out for your records by using the print feature.

The Sales Tax Report contains two crucial sections: the Sales Tax Summary and the Sales Tax Audit Report.

The list of taxes in the sales tax summary is categorized by the account type, tax component, and tax rate. The Sales Tax Audit Report shows the return period for your Sales Tax transactions.

Benefits of Sales Tax Report

You can have detail information into your billing, invoicing, and sales processes by using sales reports. These are useful for maintaining and understanding the customer base, tracking of a product’s or business’s sales performance, and keeping an eye on the revenue details.

Sales reports can be divided into four main categories, such as Detail Reports and Summary Reports etc. On the other hand, a comprehensive report will display the transactional data pertaining to a certain item or client. One of the most crucial tools for comprehending your company’s revenue, sales team performance, and customer base is a sales report. The cash flow of your business will run smoothly and without any issue or error with the use of sales tax report information.

How to Create Sales Tax Report in QuickBooks

First, you have to go through your Business Address, if it is correct then you have to start with the QuickBooks Sales Tax Reports. This is essential because QuickBooks will set up the appropriate Tax Agency and Rates for you by using this data. The steps which are to be followed for setting up the QuickBooks sales Report:

  • Navigate to the left menu and the select the taxes tab from it.
  • From the drop-down menu of taxes click on the sales tax.
  • Choose one of the option out of two options for setting up the sales tax according to your need:
    • Once you reviewed everything then hit the next button.
    • In case you are paying to other tax agent then you must enter its information in the QuickBooks.

In case if you are paying to other tax agent then you must consult your accountant for it.

  • As per your need select Yes and No.
  • Once you are done with the process of selection then you can add the agency to which you are paying the tax.
  • Hit the next button so you can move to the next page.
  • Choose the frequency which will help you to notify when there is the time to file sales tax report.
  • From the drop-down menu of frequency, select the time when you have to file your return.
  • Enter the start date as per your file return.
  • Select the save button, so that you are able to save all the changes which you have made.

Now you are in the way of quickly setting up everything. Your invoice now includes many factors including Sales Receipts, Estimates, and Credit Notes. In the sales tax window, apply sales tax in any of these fields by doing the following:

  • First, You have to fill the detailed information of the products and the service in the form.
  • In the tax column, you have to tick in front of the entire taxable item in the tax box under the tax.
  • In case if you want to edit something in the form then you have to click anywhere in the white space.
  • Navigate to the bottom right of the screen and select the sales tax which is relevant to your product.
  • Navigate to the Tax-Exempt Consumer and from the drop-down menu, select not to collect sales tax.
  • The customers like charities, organizations, Non-Profit etc who are taxable by default.

How to Run a Sales Tax Report in QuickBooks

There are differences between running a sales tax report in QuickBooks Desktop and QuickBooks Online. Starting with QuickBooks Desktop, let’s proceed. Remember that QuickBooks Desktop’s is a user interface which varies a little bit across versions.

Run a Sales Tax Report in QuickBooks Desktop

  • You need to make sure that the sales tax is enabled or ticked for QuickBooks File.
sales tax is enabled
  • The pop-up window will flash in front of you, from the left menu select the sales tax.
  • In the option of sales tax, click on the company preferences from the top of the menu.
company preferences

To set up your sales tax tracking, click on the “Yes” radio button.

Now navigate to the other pop-up windows and follow all the instructions.

Following all the on-screen instruction involves several steps. Once the configuration is complete, hit the “OK” button to preserve your changes.

preserve your changes
  • At the end of sales tax period, you have to select the manage sales tax icon on the home screen.
manage sales tax

Select the sales tax report in the pop-up box to get the data which you require to finish filing your taxes with the state tax authorities.

This will be the Sales Tax Liability report for the majority of firms.

manage sales tax preferences
  • Paying of Your Sales Tax

You must pay your sales taxes once you’ve submitted your sales tax return, in any way which you will find relevant that is the paper or electronically through the state tax authority’s website.

Click the “Pay Sales Tax” button in order to accurately record the payment in QuickBooks and maintain the integrity of your liability account.

Pay Sales Tax

You should be aware that this does not really submit the payment to the sales tax authority. This stage enables you to prepare a check for mailing to the sales tax authority or to register an online payment on the website of the tax authority.

Run a Sales Tax Report in QuickBooks Online

Sales Tax Center must be Enabled

  • Navigate to the left menu and then select the Taxes option from it.
Taxes
  • Now hit the button get started on the screen.
Get Started
  • Navigate to the pencil icon and click on it for editing the business address.
  • Select the next button, once you are done with all the above steps.
Set up Your Sales Tax Center
  • Now you have to match the sales tax rates with your agency.
  • Once the process of matching is done click on the next button.
Collects Your Tax
  • Now rates are to be reviewed and once you verified all the rates, click on the save button to save all the changes.
  • In case you want to change anything then you have to select the change button.
Review Your Rates
  • If you need to file with numerous agencies, click “Next Agency” or “Save” after choosing your filing frequency (if you must only file with one, or once you have completed the setup for all sales tax authorities).
File Sales Tax

Check for the Due Sales Tax

  • Navigate to the left menu and select taxes from it.
  • The dashboard of the sales tax liability will pop up in front of you.
Sales Tax Due

Sales Tax Liability Report

  • Navigate to the top menu and select report and then from the drop down menu click on tax liability report.
Sales Tax Liability Report

If You are Ready to Pay Tax, Hit the view Return Button.

First you have to click on the record button, if all the payments are recorded accurately. It will help you in keeping your all the liabilities accurate.

In case you need to make any adjustment then you can click on the adjustment button.

Once done with all, hit the return button and you are done with it.

make any adjustment

Benefits of Building Sales Tax Report

  • It is very helpful in the case of handling the account where there is a ever-growing data of a firm, as we can’t handle it manually.
  • For a firm to run well, it is very important to continuously track key business metrics like expenses, profit and loss, total sales etc.
  • You can get the view of sales report which is crucial for analyzing your company’s revenue, the performance of your sales team, and your customer base.
  • With the help of the report, you can focus on those areas which are need to be addressed to be more successful by using this information. It helps you to better understand the cash flow of your business.
  • Customers’ data, including contact details, orders, and so forth, expands as your firm grows.

Although QuickBooks Sales Tax Report is quick and simple to set up, there are certain restrictions that you can encounter. As a firm grows and gains more clients, then it generates an exponential amount of data on transactions, client information, and products. It is difficult to maintain account manually for all of the data from many Data Sources with QuickBooks.

In such condition our Dancing Numbers team will help you; they give you access to functionality for analysis, report preparation, real-time data transfer, invoices, and much more. You just need to contact us; our team will help you in resolving your issue.

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Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number
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Frequently Asked Questions (Faqs)

How can I Create Sales Tax Report in QuickBooks?

Steps to be perform for creating sales report in QuickBooks:

• In the side menu navigate to the reports tab.
• The report window will open in front of you, in the name field type sales.
• The list of QuickBooks sales report will open in front of you.
• Select the required report from the list.
• Once you are done with above steps, hit the run report button.

How can I Print the Tax Report in QuickBooks?

For print, save or email, you have to perform the steps which are given below:

• Navigate to the employee stab in the top bar menu.
• From the drop-down menu of the employee’s tab select the payroll center option.
• Now select the file form tab.
• Select the view and print form option.
• Enter the pin of the payroll.
• Hit the Ok button to confirm all.

How can I Create the Custom Report in QuickBooks?

Steps which are to be followed for the creation of the custom report in QuickBooks are:

• Navigate and click on the gear icon.
• Select your company tab and from the drop-down list of company choose the Charts of Accounts.
• Search for your account and click on the drop-down arrow beside of the account.
• From the drop-down menu select view register option from it.
• Choose the run report button.
• Make the changes in the report as per your requirement.
• Once you are done with the entering of all the details in the report then you can hit the save button.
• After clicking save button, all the changes will save automatically which you made.
• Navigate to the report and click on my custom report tab.
• Name the report and save it.

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Dancing Numbers supports all QuickBooks entities that are mentioned below:-

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Receive Payment
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Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

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Purchase Order
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Banking Transactions

Check
Journal Entry
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Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
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Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


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Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


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How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

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What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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