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The downside: it makes working in the bank feed and reconciling the bank account more complicated, because the single payment that posts to the bank’s ledger won’t match the two separate payments you recorded in QuickBooks. cash basis accounting work correctly in QuickBooks (assuming your version of QuickBooks allows you to track Accounts Payable). The upside: this is easy to record, and easy to make accrual vs. Workaround #1: Record Sales Tax and B&O as Two Separate Payments in QuickBooks Luckily, there are two workarounds to this conundrum. Two systems that were supposed to make things easier have come together to make things much more complicated and difficult for Washington small business owners. You can see how this approach collides with how Washington State collects sales tax. QuickBooks calls this transaction a “sales tax payment.” In order for QuickBooks sales tax tracking to work properly, the business must record every sales tax payment as, well, a “sales tax payment,” and it must record only sales tax payments as sales tax payments. Then, when a business remits sales tax to the proper taxing agency, the bookkeeper records this event with a special type of transaction. The QuickBooks system is to have a special feature, called “sales tax tracking,” to automatically calculate correct sales tax on invoices and sales receipts, as long as sales tax jurisdictions have already been set up, and as long as the person recording the invoice can identify which sales tax jurisdiction to use when recording the transaction. What Intuit has done in QuickBooks-again, to try and make things easy for small business owners-is it’s come up with a system for how it can take care of most the bookkeeping for sales tax behind the scenes. (Experienced QuickBooks users can already see the problem…) Instead, it has businesses calculate each type of tax owed on one return, and has the business submit all the taxes owed as a single payment.
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To minimize the administrative burden of these taxes, Washington’s Department of Revenue doesn’t make businesses file a separate tax return and make a separate payment for each type of tax.
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It also levies a tax on gross receipts, often referred to as “B&O”. Sales tax isn’t the only type of excise tax Washington State levies on businesses. What’s the issue with Washington state sales tax? The bookkeeping requires some… well, extra attention and fiddling.īut let me explain what’s what and then walk you through the steps for doing the bookkeeping. Some bad news for Washington state QuickBooks Online users who need to report and pay Washington state sales tax.
HOW TO ENTER EXPENSES IN QUICKBOOKS DESKTOP 2019 DOWNLOAD
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I will admit that in my early QuickBooks, I was guilty of this. A common mistake is to use Items inconsistently.