When it comes to looking after and managing the core financial actions for your business, you need robust software that can deal with everything. The obvious name that instantly ignites a spark in your memory would be QuickBooks.
Acknowledged by countless accountants and successful business owners across the globe, QuickBooks thrones the #1 position.
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Talking about the efficient management of financial actions, one such vital activity is the sales tax management of your business. There’s no denying the fact that this activity is absolutely a no-profit action yet an elementary one mandated to be executed.
QuickBooks can get you started with setting up systems that will supervise the complete tax management.
This article magnifies a closer look at running QuickBooks sales tax reports. Keep browsing to the next section that details all the steps involved for the same.
How to Set up a QuickBooks Sales Tax Report?
Here are the steps to set up a QuickBooks Sales Tax Report:
Before directly jumping to the main section on setting up to run QuickBooks sales tax report, quickly glance at and verify your business address.
This step would further help you to customize your QuickBooks account to get the accurate Tax Agency and Rates necessary for you.
In step 2, navigate your cursor on Taxes which is located on the left menu and tap on it. Next, select Sales Tax.
Once you have reviewed everything, the immediate step would be clicking on Next.
In case, you are paying other Tax Agents, notify that on QuickBooks. A quick tip here would be to consult with your Tax Consultant or Accountant who can guide you further on whether to file with other tax agencies or not.
Choose Yes or No.
For Yes, start adding the Tax Agencies to whom you pay your taxes.
The next step involves a smart reminder feature that can notify you when it’s time to file. To select a frequency within which you set to set a reminder for filing, go to the drop-down and choose the time based on your respective filling.
Enter the Start Date, followed by tapping on Save.
That’s it! You have successfully set up QuickBooks Sales Tax Report. You would eventually start seeing various parameters such as Estimates, Credit Notes, and Sales Receipts on your invoice.
Further to this, there are a few additional steps needed to be done for applying the Sales Tax feature under the Sales Tax field for any of the above-mentioned tabs.
To do this,
- Fill up the form with respective information about your products and services.
- For every taxable item, check the box located under the Tax column specifying as Tax.
- For making changes to the Sales Form, make a click anywhere on the white space and choose your preferred Sales Tax found at the bottom right.
Running QuickBooks Sales Tax Report
Step 1: Locate Reports Menu and take your cursor over it.
Step 2: Under the Sales and customers section choose Sales by Customer Detail or Sales by Product/Service Detail.
Step 3: Tap on Customize.
Step 4: Make a modification to the respective period.
Step 5: Navigate to the Rows/Columns section and choose the option that specified Change Columns.
Step 6: Select these checkboxes for Taxable attributes which would be available under Sales by Product/Service Detail – Tax Amount, Tax Name and Taxable Amount.
Step 7: Hit on Run Report when you are done.
And that was all of it for knowing how to effectively set up and run QuickBooks Sales Tax Report. Hopefully, this article has sufficiently served you with your search quest.
Setting up and running QuickBooks Sales Tax Report is not that cryptic if you follow the steps sequentially. Just ensure everything is being followed as per the manual explanation laid out above.
Beyond this article, if you still feel the necessity to reach out for further information or query, you can choose to do so at any time you want. You can connect with Dancing Numbers expert via LIVE CHAT.
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I wish to Deactivate a Tax Rate on QuickBooks. How can I do it?
You can deactivate a tax rate on QuickBooks with the help of very simple steps called out below. However, before proceeding with deactivating a tax rate on QuickBooks keep in mind that there is no way you can once again reactivate a tax rate.
For all types of your future needs, you have to create a fresh tax rate. Let’s get to the steps for deactivation of the tax rate on QuickBooks now:
Visit Taxes and choose Sales Tax.
Select the Related Tasks section from the Sales Tax Center.
Make your selection for adding or editing tax rates and agencies.
Choose a tax rate name and hit on Deactivate.
Press on Continue that would pop up on a dialog box.
What are the Associated Benefits of the setting of Sales Tax Reports on QuickBooks?
There are a couple of significant benefits associated with the setting of Sales Tax Reports on QuickBooks:
Eradication of manual accounting.
An automated approach to managing huge data sets.
Consistent tracking of Profit and Loss, Key Business Metrics including Expenses, etc to enhance business performance.
Close analysis of business’s revenue, customer base, sales team performance, cash flow.
Opportunity to improve business scalability with nurturing of customers’ data, orders, contact information etc.
I need to Rename my Tax Agency, How to do so on QuickBooks?
If you wish to rename your tax agency, the following steps are for your aid to do so:
Visit Taxes and choose Sales Tax.
Navigate to the Agency Name table from the Sales Tax Center.
Choose Rename for your respective agency for which you wish to edit.
Do the required changes.
Tap on Save.
What are the Features of the Sales Tax Center on QuickBooks?
To manage sales tax like a pro, you need to know the key features of the Sales Tax Center on QuickBooks.
A few of such poignant features are:
Addition of different and many sales tax rates inclusive of combined rates.
View and customization sales tax liability reports with regards to agency, date, etc.
Get an overview of all your recent sales tax payments under one common place – the Sales Tax Center.