Sales Tax Setup and Reporting - Learn QuickBooks Enterprise
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Call brief
The Fourlane QuickBooks Enterprise guru discussed the setup and management of sales tax in QuickBooks, covering topics such as turning on the sales tax feature, creating sales tax items and groups, setting up customer-specific sales tax settings, and using the managed sales tax button. She provided examples of how sales tax is calculated for different customers and items and emphasized the importance of consistency in choosing vendors for sales tax items. The presenter also demonstrated how to use the sales tax liability report and advised on making adjustments for rounding or early filing discounts.
Key points
1. The meeting covered various topics related to sales tax, including company preferences, item setup, customer setup, reports, and paying sales tax.
2. The presenter emphasized the importance of turning on the sales tax feature and creating a default sales tax item.
3. The speaker mentioned the option to make all customers and items taxable when turning on sales tax, but cautioned about the need to update the sales tax status for individual items and customers if this option is unchecked.
4. The meeting explained the process of setting up sales tax items and sales tax groups, with examples given for different tax rates in different locations.
5. It was highlighted that each item needs to be designated as taxable or non-taxable on the item list.
6. The presenter discussed the setup of customers for sales tax, including selecting tax or non-tax status and attaching resell certificates for non-taxable customers.
7. The logic for determining whether a transaction is taxable or non-taxable was explained, with the customer's tax status being the primary factor.
8. Examples were provided to illustrate how sales tax is calculated based on the customer's tax status and the taxability of the item.
9. The session covered the sales tax liability report and the sales tax revenue summary report, which provide information for filing sales tax and reconciling with the balance sheet.
10. The proper method of recording sales tax payments was discussed, emphasizing the use of the pay sales tax feature in QuickBooks and making adjustments if necessary to match the actual payment made.
00:00 Tutorial Markers
00:22 Sales Tax Setup & Reporting
00:43 Sales Tax Settings
03:42 Sales Tax Items & Groups
07:52 Item Tax Code
08:55 Customer Sales Tax Settings
10:28 Sales Tax Logic
11:30 Examples of Sales Tax in QuickBooks
14:35 Sales Tax Liability Report
17:40 Sales Tax Revenue Summary Report
18:10 Paying Sales Tax
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