How to set up sales tax in QuickBooks

In QuickBooks, sales tax can be collected and remitted on behalf of government authorities. You need to configure sales tax products and codes for that. You may also need to set up sales tax groups. Read this blog till the end to know everything about sales tax in QuickBooks.

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The Sales tax features allow users to easily handle all sales tax-related tasks. The main objective of the sales tax is to collect, pay, and report on time without doing any manual work. It also does jobs of creating or accessing sales reports, record tax payments to tax agencies as well as add sales tax rate. Sales tax in QuickBooks lets you maintain a clear record of these taxes so you can easily track them and forward them to the correct tax collection agency.

Read More: https://fastfix247.com/sales-tax-free-days-setting-items-sales-tax-quickbooks/

Benefits of regulating sales tax at the relevant tariffs and conditions

• Sales tax features make it easier to produce reports that are needed when you pay sales tax liability to fill out tax forms.
• Paves path to correct invoicing.

Before you set up your sales tax

• Check the sales tax provisions for the place to which you sell or ship your goods and services, under the law.
• Respect the tax authority to pay the taxes it receives.
• The CRA website provides an outstanding tool for sales tax.

Steps to set up sales tax

1. Initially, open edit menu
2. Then select Preferences
3. Select and click on Sales tax in the open preferences window
4. After that click on the tab “Company Preferences”
5. Select and click on the “Yes” button to turn on the sales tax
6. Now set up the items of sales tax for the desired country, direct, and city.
7. At last, hit the Add sales tax items.
8. Create a new taxable item:

• Choose Tax item using the drop-down arrow
• Type the preferred name for the same within the sales tax field
• Then enter the fixed rate for a particular item within tax rate field
• Enter the name of the collecting agency in the tax agency field
• If you don’t find agency in the list then click to Add New to set up
• At last, click on the Ok button.

9. Edit an existing sales tax item:

• The very first, open list menu
• Then choose item list
• Search for the items of sales tax which you wish to update
• Select edit item option by right-clicking on it
• Edit all the information such as the name of sales tax, rate, tax agency, and more
• At last, click on the Ok button.

10. Sales Tax Group

For multiple sales tax products that appear on the same sales transactions, you can set up the sales tax group. Upon setting up the sales tax party, the report sales taxes are easily recorded and you can see in the invoices as a single line.

• Choose the tax group using the drop-down menu
• Enter the preferred name for items of tax group within the tax item group
• Enter every particular sales tax that you wish to add in the group. In case the setup is not done for the tax item then click Add New option to create tax item
• In the end, hit the Ok button.

11. You need to set sales tax codes that allow you to easily track the taxable and nontaxable sales clients.
12. Set the basis of sales tax
    1. Set up sales tax-paying as per your preferences (Annually, monthly, and Quarterly)
13. At last, click on the Ok button.

Read More: How to Avoid Discrepancies in Sales Tax Report in QuickBooks?

How to reach us?

Setting up the sales tax is one of the best ways to get rid of manually reminding things related to taxes and more. Only enter the details and they automatically execute according to the details that you have entered.

Feel free to contact QuickBooks toll-free help desk for further information related to how to set up sales tax in QuickBooks. The technical team is available 24*7 to assist and more than happy to provide the best relevant solutions for your query or problems. You can also connect with the team just by dropping an email at our email address or do a live chat with dedicated experts.