25Mar 2010 by Nancy Smyth 1 Comment

Tracking Sales Tax – On The Entire Invoice & On A Fixed Amount of the Invoice

QuickBooks Tips, Techniques & Work Arounds
  Some state tax agencies require that in addition to needing to charge a fixed percentage (6%) of Sales Tax to each customer, that you also are required to charge a 1 1/2% Discretionary Tax on the first $5000.00 of each job. For the most part, QuickBooks does a good job of tracking taxable and non-taxable sales -- even taxable and non-taxable items on the same invoice.  However, when it comes to tracking sales tax with a fixed rate on a fixed dollar amount of an entire sale ---- in addition to sales tax on the entire sale --- well it fails miserably and causes a lot of frustration for QuickBooks Users who encounter a situation of this nature. Learn how to accomplish this using QuickBooks. Request your copy of…
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02Jan 2006 by Nancy Smyth No Comments

Tracking Use Tax

QuickBooks Tips, Techniques & Work Arounds
  Many states impose Use (or Usage) Taxes on purchases that are shipped to you from a different state than the one in which you have your business, this is becoming more common as we purchase more items on the internet, and generally the purpose of Use Tax is to equalize the tax burden when buying from in-state and out of state vendors. While QuickBooks does an excellent job of tracking Sales Tax, even when you have to collect Sales Tax from multiple jurisdictions, it does not automatically calculate Use Tax for you - - - but it is possible to track Use Tax using these instructions. This article provides you with step-by-step instructions for tracking use tax on goods or services that you purchase which are subject to use…
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