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Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 355
Experience:  Former IRS Revenue Agent
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Which chart of accounts do we classify collected sales tax

Customer Question

Which chart of accounts do we classify collected sales tax into from sales transactions?
Submitted: 2 months ago.
Category: Tax
Expert:  Barbara replied 2 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Sales tax collected, but not yet paid, is a liability.

The following link contains excellent detailed information regarding sales tax transactions:

http://www.basicaccountinghelp.com/sales-tax-accounting.html

Please let me know if I can assist you further. If this information has answered your question, please take a moment to provide me with a 5 start rating at this time.

Thank you and best regards,

Barb

Customer: replied 2 months ago.
Is this different than Sales Tax Payable in QBO category options?
Expert:  Dr. Fiona Chen replied 2 months ago.

Dear Customer,

It should be the same. Yes, you can use this payable account.

https://community.intuit.com/articles/1145547-record-delete-or-edit-a-sales-tax-payment

https://community.intuit.com/articles/1145271-set-up-and-track-sales-tax

https://community.intuit.com/articles/1146054-sales-tax-in-quickbooks-online

Regards,

Fiona

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