How do I track sales tax?
Quicken tracks sales tax by associating tax categories with transactions and generating reports that summarize taxable and non-taxable sales. Use the Sales Tax account to monitor collected tax and ensure accurate tax reporting.
Setting up a sales tax account
Quicken automatically creates a Sales Tax account when you enter a transaction with a sales tax category.
Recording sales tax in invoices
When creating an invoice, add sales tax manually:
Create an invoice: Go to Business > Invoices & Estimates and start a new invoice.
Enter the Tax Item: In the Tax Item field, type the sales tax percentage.
Automatic calculation: Quicken calculates and adds the tax amount automatically.
Track multiple rates: Create multiple Tax Items in the Item List under Business > Manage Business Information to track different tax rates.
Entering sales tax payments
Record tax payments to your authority as follows:
Access the account: Open the Sales Tax account from the sidebar.
Enter a transaction: Click Enter Transaction and select Payment.
Input details: Enter the payee (for example, your state tax authority), the payment amount, and the payment date.
Select a category: Choose the appropriate business expense category for tax payments. This ensures your records accurately reflect tax collected versus tax paid.
Generating sales tax reports
To review transactions and determine amounts due:
Open reports: Go to Reports > Business and select Sales Tax Summary.
Configure the report: Choose a date range, verify taxable versus non-taxable sales, and adjust filters as needed.
Review: Use the report to confirm that sales tax is being collected and remitted correctly.
More Information
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