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Scholar of Tax
Scholar of Tax,
Category: Financial Software
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Using QB pro 2015, ran sales tax liability report but didn't

Customer Question

Using QB pro 2015, ran sales tax liability report but didn't pay the entire amount. How do I enter that? Bill was $16k and only paid $12k but will be paying the balance shortly.
Submitted: 6 months ago.
Category: Financial Software
Customer: replied 6 months ago.
I'm still waiting for a response.
Expert:  Scholar of Tax replied 6 months ago.

Dear Customer,

If the sales tax is automatically showed in your liability account, [see that from your balance sheet report], when you pay with bank check [cash], mark the liability account of sales tax payable, write in the amount you are paying, the remaining sales tax should still be kept on your liability account, [see that from your balance sheet report]. It should have been the same as paying the payroll liability account.

Sorry for the delay. We have multiple experts. I just saw your question now.

Please feel free to follow up.

Regards,

Fiona

Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP, IMTA

Customer: replied 6 months ago.
We have multiple sales tax jurisdictions. Would you recommend selecting as many counties that will make up the 12k and then once balance is paid the remaining should show up?
Expert:  Scholar of Tax replied 6 months ago.

Dear Customer,

Each county and each jurisdiction and each transaction needs to be entered separately. The accounting record needs to be at the most detailed level. The report can be at the aggregate level. If we don't keep the record at the most detailed level, no one else will. The accountant is the last defense and first source. We really cannot tell any one who would like to see the detailed records or summary report to go to our source document (say the invoice and/or the billing) to look for the data. If the taxes are detailed in nature more than your current software can handle, you may want to get a software which is more tailored to the industry practice.

Please feel free to follow up.

Regards,

Fiona