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How to Track Sales Tax As an Expense in QuickBooks

Sales tax can be tracked as an expense in QuickBooks by creating an expense account and then selecting that account to track your tax payments. The expense account can be created within the Chart of Accounts. The process of tracking your tax expenses is not automated, and you must manually select the account you created to track your expenses for each transaction. Once created, you can view the summary of the expense account and see all payments made toward taxes.

Create Expense Account

1

Click the "Lists" menu and select "Chart of Accounts."

2

Click the "Account" button and select "New."

3

Click the option for an "Expense" account and click "Continue."

4

Enter a name for the expense account to help track the account, such as "Tax Expense."

5

急速PC28彩票Click the "Tax Line" drop-down menu and select an appropriate tax line for your company. For example, if you file a Schedule C form, select "Sch C: Gross Receipts or Sales Tax Line."

6

Click "OK" to save and close the account window.

Tracking Sales Tax Expense

1

Create a normal transaction and click the "Expenses" tab.

2

急速PC28彩票Select the "Tax Expense" account you created to track tax payments.

3

急速PC28彩票Enter the sales tax amount in the "Amount" column.

4

急速PC28彩票Click "Recalculate" and check that the correct total appears.

5

急速PC28彩票Open your "Tax Expense" account to view and track your taxes paid.

Warnings

  • Information in this article applies to QuickBooks 2013. It may vary slightly or significantly with other versions or products.

References

Photo Credits

  • Keith Brofsky/Photodisc/Getty Images

About the Author

急速PC28彩票Avery Martin holds a Bachelor of Music in opera performance and a Bachelor of Arts in East Asian studies. As a professional writer, she has written for Education.com, Samsung and IBM. Martin contributed English translations for a collection of Japanese poems by Misuzu Kaneko. She has worked as an educator in Japan, and she runs a private voice studio out of her home. She writes about education, music and travel.

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