$40 would still be showing due to be paid in sales tax payable account. Invoice to pay sales tax due of $1,960.00 Total 2% discount on above taxes = $40.00
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Total sales tax payable for prior month = $2000.00-credited to Sales Tax Payable, Debit to Accts Receivable If the discount is not offset in that account then the account would be overstated?
#Quickbooks pay sales tax with a discount full#
How do you account for the 2% reduction in the sales tax payable account? The full amount before discount is posted as a credit to the sales tax payable account. What should the journal entries be? I believe that the 2% discount would be posted as a credit to an income account. Your journal should now look like this: After you pay the sales tax to the state government, credit your Cash/Bank account with 750 and debit your Sales Tax account with 750.
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Credit the Accounts Receivable account with the total bill amount. When go to pay the taxes to the state (these are sales and use tax), the state offers a 2% discount for timely payment and filing. Debit the Cash/Bank account with the amount of payment. Without it, it would have been a no go since our best selling product requires multi-level pricing.Appropriate sales taxes charged on billings post to Sales Tax Payable account as credit. This was big, and influenced my decision to purchase the register. And then use modifiers for the different levels, requiring one to be chosen. The solution that works perfectly for our use was to set the price of the items that have multi-level pricing to $0.00. And discounts, as we tried them in the register, weren't working the way we expected. "One of the hurdles we had to find a solution for, was for what most people call a discount for multiple items. So to that point, there is no current way to apply discounts differently, which also means Quickbooks will receive that information that they different items have multiple discounts.Ī different Seller mentioned work around that works for their business - perhaps something like this would work for your items as well. When actually the seller only got 90 of sales (10 discount), but took the sales tax on all 100. It this case the seller supposed to record 100 of sales in his books and pay the sales tax on this amount. Discounts do proportionately disperse over the items on a ticket. Hello, I have a question about possibility to apply the sales tax before discount on invoice. Enter the inventory and bill at the same time. Organize your workday expenses and manage invoice. Enter the bill and wait for the inventory to arrive. Log miles, create invoices, maintain finances and cash flow, and track your profit and loss reports.
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Enter the inventory and then enter the bill separately. Enter the bill against the inventory already recorded. From the Pay From Account drop-down list, select the bank account to deduct the sales tax. In the Manage Sales Tax window, click Pay Sales Tax. On the Home page, click Manage Sales Tax. There will also be sales tax payable accounts at the Chart of Accounts page. You will notice that some taxes convert as journal entries or import only the list and balances. Sales tax is one thing that doesn't convert over perfectly from QuickBooks Desktop to QuickBooks Online. This feature works the same in versions 20112016 of QuickBooks. Importing Sales Tax from QuickBooks Desktop to QuickBooks Online. Now the option to have a category discount is a Feature Request our product team is tracking. If you received inventory without a bill, once the bill has arrived you could do all of the following, except: A. To record a sales tax payment, follow these eight steps.