A business owner has to submit sales tax to the government at the end of the financial year. Calculating sales tax, and tacking the sales of the company should be done accurately to avoid faulty submission of sales tax. In case of low amount submission, federal government may penalize a business. This penalty can be hefty and thus it should be avoided. On the other hand, giving excessive tax will induce troublesome process of claiming tax refunds. In order to make the process of sales tax return seamless, many business owners use QuickBooks. Here is the sales tax setup guide for you:
- Login to your QuickBooks account from administrator account and go to the dashboard. Choose Sales Tax Preference option, and then click on the Most Common Sales Tax button. Now, click on the next to initiate the process.
- A new window shall open up, and here you need to enter a few details for tracking your sales and associated taxes. You need to enter sales tax name and description carefully.
- Now, go to the tax agency drop down option and choose Add New from the list.
- This will open up window for adding new vendor. Click on OK button to close the New Vendor window.
The setup process is simple, but can be a little complex for the novice users. They can seek guidance and step by step assistance for setting up sales tax by calling customer support center.