Working With The Sales Tax Account

Product Version
Windows

Overview

The first time you create an invoices/receivables account, Quicken creates an account called *Sales Tax* to track the tax you charge your customers. If you handle more than one tax rate, you need to create a separate liability account for each rate and use the correct account with each invoice.

This feature requires Quicken Home & Business. 

To create a new sales tax account

  1. Open the invoice/receivables account that you want to use.
  2. In the invoices/receivables register, select the invoice for which you want to track tax charges, and then double-click the word --Form-- in the Category field.
  3. At the bottom of the invoice form, from the Tax Account list, select New.

Working With The Sales Tax Account

  1. In the Create Tax Account dialog, enter an account name, description, and tax rate.
    • Use a name that makes sense to you, like Tax-San Mateo (for the tax rate of a particular county).
  2. Click OK

To change the sales tax account on an invoice

If you create additional sales tax accounts, use this option to select the default account for a particular invoice.

  1. Open the account for which you want to change the default sales tax account.
  2. In the invoices/receivables register, select the invoice for which you want to track tax charges, and then double-click the word --Form-- in the Category field.
  3. At the bottom of the invoice form, in the Tax Account field, select an existing tax account to be the default or create a new one.

Working With The Sales Tax Account

  1. Click Save and Done.

To edit the tax rate in a sales tax account

  1. Open an invoice/receivables account.
  2. In the invoices/receivables register, select an invoice and double-click the word --Form-- in the Category field.
  3. At the bottom of the invoice form, from the Tax Account list, select Edit.

Working With The Sales Tax Account

  1. In the Create Tax Account dialog, enter the new tax rate.
  2. Click OK

 

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