Who does not want to obtain optimum effectiveness & financial stability in his financial statement? Of Course, every financial professional wants that all sorts of accounting functions should work optimally without hassle. When it comes to differentiating different versions and accounting software available in the market, then QuickBooks always wins the competition as the quality of service and functionality level provided by it is incomparable than others.
Describing further, important factors related to QuickBooks, the enterprise version has features which somehow differ from other desktop versions like a pro, premier, etc. As the name suggests, the version suits best for medium scale companies with an exceeded limit of employees around 250. To optimize user experience and let not any problem come while accessing accounting software, there is a provision of via QuickBooks Enterprise Support Phone Number phone call or other modes of communication.
Featuring a variety of tools, the enterprise version of the software features a variety of account management tools which an accounting professional can use to leverage their business financials and accomplish their business goals in an efficient manner. Other than this, Add-on packages provided by third party software vendors make the task easier for the users and fill the gaps of uncertainty that is faced due to some small limitations found in the accounting software.
Going further in this article you can know with the help of certain examples which illustrate how investment in time spent learning is going to yield an immediate return? And to what extent the default sales tax liability report by QB enterprise is reliable?
What does the Sales Tax Liability Report consist?
Sales tax liability report is one of the best tools to manage & conclude all your taxable and gross sales figures. Underlying detail report suits very effective in reviewing reasons for non-taxable sales. However, in default report consists of all transactions posted on QB enterprise by utilizing all kinds of items on sales transactions at the time of selected date range.
Sales receipts, credit mes, statement charges and invoices are some common sales transactions mentioned in the enterprise version of accounting software. Go through following sales & tax related issues along with recommended solutions.
An item which was not a sale got included in a sales transaction:
This item points to a liability account till it is not applied to the invoice of the customer. Reason—it is a category of the item which is to be utilized on the invoice in order to request payment from the customer. This item will be included in total sales for a particular period in a default sales tax liability report. Logically, it’s not the sale, therefore shouldn’t be included in the complete sales report.
Improper categorization of sales:
If any item within the sales transaction is pointing cost of products or an income account in a wrong way, then it means that sales are improperly categorized. By following a procedure with some easy steps correct sales figures & payment can be remitted:
- Filter sales tax liability report or ordinary income accounts, memorize report & use it in spite of default report
- For posting received payments for income which were not reported previously in the invoice, utilize sales receipt.
- Either manually adjust STL report for such amounts or enter credit memo.
- Review list of your items & ensure that items appear in both sales & purchase transactions.
Hope the sales transaction-related information is clear to you. In case of any query or confusion, you are free to get assistance from the technical support staff at QuickBooks Enterprise Customer Service. Furthermore, here are mentioned certain tips will be very helpful for you to utilize this accounting software tool more efficiently while performing functions related to sales tax submission.
In the month last, before proceeding for sales tax payment to the tax agency, one should be sure to
- Run profit & loss report as well as balance sheet report on the basis of sales tax is to be paid-either cash or accrual basis.
- There should be a comparison between sales & sales tax liabilities of both two reports before making payment
- It is recommended as a necessary step to print a summary of sales tax liability reports in PDF format and save it in sales tax folder on the server which will work as a permanent record to identify numbers were obtained by you.
- For displaying detail reports, double-click complete total of Sales and Nontaxable sales. Saving it as a PDF is recommended as well.
- Once sales tax is submitted successfully, you need to lock down your QuickBooks by setting closing date password in order to restrict changes to sales transactions.