How do I pay sales tax
In Quicken, your sales tax accounts decrease as you make payments to the sales tax authority. After you pay the state or local agency the taxes you've collected, you need to create a transfer to the sales tax account. The transfer decreases the amount in that account, reflecting the fact that you've sent the money to the appropriate agency.
1. Open your business bills account or checking account (or whatever account you use to pay your business expenses).
2. Enter a transaction to pay your sales tax.
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- In the Num field, select Transfer in the list.
- In the Payee field, enter the name of the tax agency, such as State Board of Equalization.
- In the Xfer Account field, select the correct sales tax account you want to transfer the payment to.
If you track different tax rates but pay your sales tax to one tax agency, record the transfers to multiple accounts using a split transaction. Click Split, and then, for every sales tax account used, add a line with the name of the account and the amount of tax paid. Click OK.
3. Click Save to record this transaction.
To view the transfer in your sales tax account
1. In your check register or the Write Checks dialog, select the transaction that contains the transfer information.
2. From within the transaction, click the Edit button, and then choose Transaction > Go To Matching Transfer. The register for the sales tax account appears.
- What if I used a split transaction to pay multiple tax rates with one payment?
If you entered a split transaction to pay multiple tax rates with one payment, you will first need to open the Split dialog. From within the transaction, click Split and then select the transfer line you want. Click the Edit button, and then choose Transaction > Go To Matching Transfer.
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