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Sales Tax Cash VS Accrual Basis Changing In QuickBooks Online Reports
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http://youtube.com/watch?v=v8lJ5fm5KSY
This QuickBooks Online Sales Tax Tutorial shows how to change from cash basis to accrual basis for collecting and paying sales tax. The sales tax reports I QuickBooks online can switch between cash v.s. accrual easily. You will immediately see a change in the sales tax payable for the proportional amount of the sales tax in the same ratio of the invoice payment amount to the amount of the invoice. In other words, if you are doing accrual basis, 100% of the tax is owed as soon as you make the invoice. However, if you are doing cash basis, only the percent collected on the invoice is the present of the sale tax on that invoice is you would owe. So, the account for sales tax payable to that particular state would show that amount until either the rest is collected, or the basis of the report is changed at the top of the screen. If you want the sales tax center to reflect the change from accrual basis to cash basis, you need to change over for the whole company in the account settings window to go from cash to accrual or accrual to cash. • This entire QuickBooks Online Sales Tax Playlist was created to show everybody everywhere how to record sales tax in QuickBooks online and how to manage sales tax and record sales tax transactions of any kind when using the QuickBooks Online Sales tax Center. Every possible concept that relates to sales tax ideas or actions involving paying sales tax or adjusting sales tax between sales tax periods or having multiple sales taxes, will be addressed in this full sales tax manual course for QuickBooks online. You will be able to manage your relationship with the sales tax agencies that you submit and pay the sales tax to. All Sales tax reports available will be utilized when using this QuickBooks Online feature. • The full QuickBooks Sales Tax Online play list is here: • • QuickBooks Online Attorneys Sign Up A... • The desktop course for sales tax is here: • • How To Set Up Sales Tax And What Is S... • So, enjoy this QuickBooks Online video training tutorial and its a step-by-step course that shows you exactly how to record and manage ANY sales tax related situation when using QuickBooks ONLINE. • • You can lean QuickBooks free at the main YouTube channel: • / woldwidequickbooks • • • 👉Subscribe for more videos: http://bit.ly/thequickbooksdude • • Other Related Videos 👇 • • QuickBooks Online Bank Reconciliation and proving correctness: • • • QuickBooks What Is Bank Reconciliatio... • • QuickBooks Online Bank Feeds And Importing Transactions: • • • Setting Up Bank Feeds For QuickBooks ... • • • 👉Subscribe for more videos: http://bit.ly/thequickbooksdude • ➡Follow us on social media: • / certifiedquickbookstraining • / quickbooksforlandlords • Mark Smolen is a certified instructor and the creator of the QuickBooks Instructional YouTube Channel and Website. • ➡Get In Touch Today Have a question or need help with your QuickBooks Instructional Course? • Contact Mark directly. https://marksmolen.com • https://quickbooksforlandlords.net • • #QuickBooksonlinesalestax • #quickbooksonlinecashvsaccrual • #quickbooksonlinereportbasis
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