QuickBooks does a really good job of keeping track of Sales Tax owed. But sometimes when you fill out the Sales tax form you end up with minor adjustments due to rounding or errors. Some states allow a discount for paying on time or early. So you often need to adjust your Sales Tax Liability account.
Unlike the Windows versions, there is no way to automatically adjust your sales tax liability from the Pay Sales Tax window in QB for Mac. Instead, it is a multi-step process.
- Calculate the amount of the desired adjustment.
- Open the Sales Tax Payable account register from the Chart of Accounts (located under the Company menu or on the Home Page.Enter the adjustment here, using the appropriate account for the other side of the adjustment. Here we’ve used Reconciliation Discrepancies, but for places like Texas where there is a discount for Early Pay, you may want to create an Other Income type of account to put the discounts in.
- Open the Pay Sales Tax window.Select both the amount calculated by QB and your adjustment. Check the To Be Printed Box, even if you are going to hand write, or pay this via EFT
- Then select the Print Forms…Checks from the Edit menu and assign your EFT transaction number or correct check number using the Print Dialog box. If you paid your sales tax on line, you can print on plain paper to get QB to record the check.