QuickBooks Desktop allows you to set up, pay sales tax directly and it is important for you to review the sales tax you paid for the goods or services that you offer. You can easily review sales tax reports in QuickBooks Desktop by running the reports that allows you to check if everything is accurate before you process pay taxes.
This article is a part of series on Sales Tax. In this series, we have covered all the usual workflows in QuickBooks Desktop.
It also helps you complete other sales tax-related tasks.
- Handle cash basis sales tax
- Process sales tax adjustment
- Show multiple sales tax items on an invoice
- Refund sales tax collected from tax exempt customers
- Track sales tax on purchases from vendors
If you face any issue regarding sales tax in QuickBooks Desktop, you can refer to Resolve common sales tax issues.
Sales Tax Liability Report
The sales tax liability report provides you a detailed summary of sales tax collected by you and owe to your tax agencies and it includes the following things:
- total taxable sales
- total nontaxable sales
- tax rate
- tax collected
- sales tax payable as of
Tax collected is as same as the sum of taxable sales multiplied by tax rate. This is the amount you got from the sales transactions. However, the Sales tax payable is equal to the total tax collected subtracted with the payment processed in the date range you chose for the report. Note: Sales tax payable columns also comes with the payment processed by you and that’s why they won’t be as same as the total tax collected.
You can open the report by going to Reports > Vendors & Payables > Sales Tax Liability.
Sales Tax Revenue Summary report
A Sales tax revenue summary report shows you the sales summary by tax agency and sales tax code. You can also seethe sum of sales for each tax code that allows you to prepare sales tax form in a much convenient way.
You can open the report by going to Reports > Vendors & Payables > Sales Tax Revenue Summary.
To know more about QuickBooks Reports, refer to: Understand Reports In QuickBooks Desktop
Reach Us For QuickBooks Solutions
This article provided an important piece of information about how review sales tax reports in QuickBooks Desktop and you should be able to know if you have entered correct sales information and amount in your sales tax forms. However, if you are not able to access the review sales tax report or you are facing any kind of issue while processing sales tax, you can contact with our QuickBooks Expert by dialing our toll-free QuickBooks Support Phone Number +1855-565-6250 and get answers for all your queries related to QuickBooks.