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#QUICKBOOKS PAY SALES TAX WITH A DISCOUNT FULL#
#QUICKBOOKS PAY SALES TAX WITH A DISCOUNT SERIES#

To apply this on a sales transaction, you'll just need to enter the amount as a negative by entering a - before the amount.

Enter the desired Name, then select your COGS as the Income account.

Click on the Gear icon then select Products and Services.

You can set this up in just a few easy steps: To streamline the process even further, I'd recommend entering the discount on a line.

The first is to set amounts as Exclusive of Tax and manually correcting the tax amounts in the subtotal after applying the discount. To apply tax after the discount, you have two options. One thing to consider before recording COGS in this manner is that they won't be tracked to the specific product and won't affect the linked asset account. There's currently no option to change the way this is handled, but I'm confident all we need is a little more creativity for the desired result.

The way QuickBooks Online currently manages the discount field is by applying it to the pretax amount.

#QUICKBOOKS PAY SALES TAX WITH A DISCOUNT FULL#

Using the discount field to record additional COGS seems like a very clever way to keep track of these processing fees, and it's the type of creativity that unlocks the full potential of our products. QuickBooks is all about saving time so you can focus on your business, and I'll be happy to help you with that.įor help formatting your SaasAnt template, your best bet would be to contact their support. Adjusting the sales tax items allows the allocated amount to match the reporting as well.It's great that you're trying to streamline your accounting, and automate your books as much as possible. You need to make adjustments for specific sales tax items if there are several types of sales tax payable to the same tax vendor. (Optional) In the Memo field, enter any additional note.In the Adjustment section, choose if you need to increase or reduce sales tax then enter the adjustment amount.Choose an Expense account if you are making the adjustment because you need to add penalties and fines or if you are entering a positive rounding error. Choose an Income account if you are making the adjustment because you received a discount/credit or if you are entering a negative rounding error. Note: Do NOT use sales tax payable for the adjustment account. Enter the adjustment date, sales tax vendor, adjustment account and other relevant information.Go to the Vendors menu and select Sales Tax then Adjust Sales Tax Due.Sales tax holiday declared by your agency.Rounding differences between QuickBooks and your sales tax forms.Corrections to sales in a previous period.A fine charged to you by your tax agency for late or non-payment in the previous tax year.A credit for previous over payment or early payment discount given by your sales tax agency.You adjust your sales tax liability for reasons like: When you make sales tax adjustments, you move money into or out of your Sales Tax Liability account. If you encounter problems while working on your sales tax, see Resolve common sales tax issues. Track sales tax on purchases from vendors.Refund sales tax collected from tax exempt customers.Show multiple sales tax items on an invoice.It also helps you complete other sales tax-related tasks. It covers the usual sales tax workflow in QuickBooks Desktop.

#QUICKBOOKS PAY SALES TAX WITH A DISCOUNT SERIES#

This article is part of a series on Sales Tax.