Apple Mac2014 - Paying Sales Tax

QuickBooks for Mac 2014 User’s Guide 199
If you use a group tax...
QuickBooks calculates each tax in the group individually and then adds the individual taxes together to get the
total tax. Because QuickBooks rounds the individual tax amounts to the nearest cent, the total for tax group may
be slightly different than the total you would get if you combined the rates of the individual taxes and applied the
single rate to the sale. Don't worry about this discrepancy; QuickBooks calculates and reports each individual tax
amount correctly.
Using the Sales Tax Payable register
Each time you write an invoice or sales receipt that includes sales tax, QuickBooks enters the information in your
Sales Tax Payable register. No matter how many tax agencies (QuickBooks tax vendors) you must collect for,
QuickBooks keeps track of transactions for all tax vendors in the same Sales Tax Payable account.
To display the Sales Tax Payable register:
1 Choose Lists > Chart of Accounts.
2 Double-click your Sales Tax Payable account.
o Each entry in the register is a single tax transaction.
o Taxes you record on invoices and sales receipts appear as increases, and payments you make to
tax agencies appear as decreases.
o The ending balance of the register is your current tax liability.
To get more information:
• To see a list of all the transactions that involve a particular tax agency, select any transaction in which the
agency's name appears. Then choose Reports > QuickReport.
• To see the details of a transaction in which you charged or paid sales tax, double-click the transaction.
Paying sales tax
Now it’s the dreaded time…time to pay your sales tax. But you’ve been tracking everything in QuickBooks, so at
least you have an accurate picture of what you owe.
To pay sales tax:
1 Choose Vendors > Pay Sales Tax.
2 If you have more than one checking account, choose the checking account from which you want to
pay the tax.
3 Check the date that QuickBooks shows in the “Show sales tax due through” field. If necessary, edit
the date. To change your sales tax period: choose QuickBooks > Preferences, click Sales Tax from the
Show pop-up menu, and then set how you pay sales taxes (Monthly, Quarterly, or Annually).
4 In the detail area, select the tax agencies you want to pay.
5 To select agencies individually, click in the Pay column.
6 To select all the agencies, click Pay All Tax.