When you collect sales tax from customers on behalf of tax agencies, you must make those payments to them. QuickBooks Online Sales Tax Center makes it easy for you to track sales tax liabilities for each tax jurisdiction. You can view your sales tax monthly, quarterly, or yearly and adjust it to suit your needs.
Paying Sales Tax in QuickBooks Online
To pay sales tax:
- Review the sales tax owed.
- Select the Pay taxes button.
- Follow the on-screen instructions to complete the payment process.
After paying your sales tax, record the payment in QuickBooks Online by:
- Going to the Taxes menu.
- Selecting Sales tax.
- Clicking the Record payment button.
To create an income statement in QuickBooks Online or Desktop, first understand it’s the same as a profit and loss statement. Record current and prior unpaid tax as a liability account. Report estimated tax payments as an expense on the income statement. Track sales tax on purchases as an expense, not a liability to pay later. QuickBooks can automatically calculate sales tax if enabled.
Enabling Sales Tax Calculation
QuickBooks can automatically calculate sales tax if enabled.
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