Sales Tax Liability
Sales Tax Liability
I need to print a sales tax liability report, we are on a "cash" basis , need to know the sales tax that was collected for the month. HELP!!!
Re: Sales Tax Liability
Hello and welcome to the forum.
If taxes are being collected in a unique GL code, the Revenue by GL Code report under accounting should give you the sales tax figures. Some shops use the posted orders report, others may chime in.
If taxes are being collected in a unique GL code, the Revenue by GL Code report under accounting should give you the sales tax figures. Some shops use the posted orders report, others may chime in.
M1 Product Manager
Re: Sales Tax Liability
How do I check which GL code is used?
What I show in the GL report is Everything that has been posted, including charge account invoices that have not been paid yet.
What I show in the GL report is Everything that has been posted, including charge account invoices that have not been paid yet.
Re: Sales Tax Liability
how can I verify if the amount posted under "taxes" is what is collected and NOT total posted?
Re: Sales Tax Liability
Ah, this discussion comes up periodically. Many states require that you remit sales tax on goods and services when the service is rendered, regardless of whether or not you have collected from the customer. So check into the legality of submitting taxes based on receipts vs. sales in your state before attempting to pursue the taxes on receipts only.
The tax GL code can be found under the Setup button > Standard Tables > Tax Rate.
The tax GL code can be found under the Setup button > Standard Tables > Tax Rate.
M1 Product Manager
Re: Sales Tax Liability
Accountant requires to be on receipts only (cash basis setup).
Re: Sales Tax Liability
Then you might want to use the Sales Receipts Summary, and the broken out tax figure listed there. Just be consistent with using the same report and the same date ranges for each month.
M1 Product Manager