Thanks very so much Hector for another wonderful video. You explained it very very well. I particularly liked the part about dealing with out of state invoices. However I live in Minnesota and Minnesota has a destination based sale tax system. This video was extremely helpful. Thanks again great one.
@ksino052 жыл бұрын
Very helpful video. Thank you!
@HectorGarciaCPA2 жыл бұрын
You welcome
@umairbadar1665 Жыл бұрын
to make sure tracking sales tax on each sale and puchases which of the following we should select 1) product and services 2) custumers 3)supplier 4)expense account
@HectorGarciaCPA6 ай бұрын
I don’t answer quiz questions here
@LuisLorenzo3 жыл бұрын
Thank you Hector. It is Very appreciated.
@upishararuwan18813 жыл бұрын
Thank you so much!!! You explained it really well. Very helpful.
@JohnpaulHuinda-z5k9 күн бұрын
thank you very much sir
@HectorGarciaCPA9 күн бұрын
:)
@honglij21045 жыл бұрын
Really helpful. I have watched your another QB online video.
@HectorGarciaCPA5 жыл бұрын
Thanks..
@HamidurRahman4 жыл бұрын
Thanks fo a helpful video , please published all update feature video .
@HectorGarciaCPA4 жыл бұрын
I am waiting for them to fix all the issues first.
@roberte.clarkllc7785 жыл бұрын
This is an excellent video Hector.
@HectorGarciaCPA5 жыл бұрын
Thanks
@muhammatawezbayew54252 жыл бұрын
Hi HEctor , I have a question , PLEASE IT IS ASAP PLEASE , When I run Sales Tax report on my quickbooks , it doesn't show the correct sales , what I mean the SALES (GROSS SALES ) that is need to be taxed doesn't match the actual sales. What can be the reason?
@msepici6 жыл бұрын
nice and clear explanation, thank you.
@HectorGarciaCPA6 жыл бұрын
Mustafa Sepici glad you liked it
@likegrammashands28026 жыл бұрын
This is incredibly helpful. We are in Pennsylvania. If you can recommend a reasonable CPA just to walk us through the best setup of our state, it would help.
@HectorGarciaCPA6 жыл бұрын
Like Grammas Hands hi.. email me hector@garciacpa.com I’ll connect you with Andrew Berg CPA whom I trust to recommend outside the Philadelphia area
@marveliagalindez48954 жыл бұрын
Hector thank you very much you are a blessing for me. Can you please explain how to deal with pay pal exenses an Quickbooks fees, how can we recor this is our books , how can we deal with them please , please explain
@annthans27282 жыл бұрын
Hi, Hector. What if instead of clicking record payment, what happened was the bank payment was categorized in the bank feeds instead? No matching done.
@debbabe22544 жыл бұрын
How does QBO take into account sales tax paid on items for resale???
@estelagrupe50836 жыл бұрын
Excelente el video!
@HectorGarciaCPA6 жыл бұрын
Estela Grupe gracias
@felixenrique1912 Жыл бұрын
Saludos Hector una consulta yo tengo el quickbooks online 2022, pero cuando pongo la factura el impuesto solo marca TAX y no me marca como en tu video por ejemplo florida tax 7% (imprime de seguro tax 7%), yo necesito que salga un impuesto de 1% en la impresion, pero solo me sale TAX
@HectorGarciaCPA Жыл бұрын
No hay forma de separar los Impuestos
@quintoncarroll48284 жыл бұрын
Since eBay is collecting sales tax and remitting them but only the sales tax is showing in QBO, how do I document?
@HectorGarciaCPA4 жыл бұрын
I wouldn’t track Sales tax in QBO
@trinitybanda2462 жыл бұрын
Hie Hector I ran my Sales by location detail report. The running balance does not have the tax amount in it. How do I make it reflect the price inclusive of tax
@HectorGarciaCPA2 жыл бұрын
Sales reports dont include sales tax. You would need to get that report a different way. I teach custoM reports here: hectorgarcia.teachable.com/p/quickbooks-online-custom-reporting-course-update-coming-11-13-21
@MLDJewell4 жыл бұрын
Thanks for the video. You helped clear a few things up. Do you have a video explaining how to set up the surtax so that it only calculates on the 1st $5,000? I saw your video for the desktop and couldn't really figure out how to do in on QBO. Thank you!
@HectorGarciaCPA4 жыл бұрын
Not for QBO
@MLDJewell4 жыл бұрын
@@HectorGarciaCPA Do you plan to create one soon or have any advice for me. I'm canceling my desktop account and starting from scratch on QBO. Thank you!
@HectorGarciaCPA4 жыл бұрын
Mary Jewell I don’t have it on my plans.
@bradgrimmel94485 жыл бұрын
How should Use Tax be tracked and paid in Quickbooks Online?
@login34574 жыл бұрын
How to edit or inactive group tax
@d.michaelstrong4 жыл бұрын
It would also be helpful to provide how to record a check deposit where sales tax is included so that revenue doesn't include the sales tax.
@HectorGarciaCPA4 жыл бұрын
Split it.. the revenue portion and the sales tax portion.
@wolfiesplace4 жыл бұрын
If your state provides a Vendor Collection Credit for paying sales tax early, How Would you account for this? With the "Make adjustment" box ?
@HectorGarciaCPA4 жыл бұрын
Wolfie's Place yes adjust it by the amount; and use an income account
@jwpconstructionllc53566 жыл бұрын
Your explanation is very clear, thank you. But my QBO screen doesn't have the same screen you have to allow me to add different tax rates for different cities or counties. How do I enable that feature?
@heribertoolivares9226 жыл бұрын
I am having the same problem, did you figure it out?
@jwpconstructionllc53566 жыл бұрын
Our QBO account is selected to participate in BETA Testing which means QBO calculates our sales tax for us based on our business location and the location where transactions take place. Intuit purposely removed the feature which allows us to set different sales tax rates for different cities ourselves. I assume your QBO account is also selected to participate in BETA Testing. The sales tax they calculate for us are incorrect and you will have to enter the right amount yourself. I asked to be removed from BETA Testing but was told to call their technical support to do it. I haven't done it, yet.
@jessicasustaita16 жыл бұрын
Thanks for the information, we are in Texas and it isn't allowing us to set up different sales tax either. It is a major problem for us because we do work in several different cities which have different tax rates along with our state tax. I am calling qb support now to ask them to remove us from the BETA testing and see if they can help us out.
@jwpconstructionllc53566 жыл бұрын
Let me know if they are able to resolve this problem for you.
@civilgod4 жыл бұрын
Is there a way to capture an Excise tax that is industry specific amount (e.g. $4.20) PER SEGMENT like in the air transportation sector? Using this TAX feature in QBO?
@HectorGarciaCPA4 жыл бұрын
No QBO doesn’t allow workarounds for sales tax
@juancarlospadron37493 жыл бұрын
Good evening Hector a question for you : how you handle the sale taxes related to vendors? I know that the AP Allows you to record them. However, what about the transactions downloaded directly from the bank website that include the total amount paid. How this it works? Also how to report them so you can offset the ones for your sales?
@HectorGarciaCPA3 жыл бұрын
Make them part of the expense
@juancarlospadron37493 жыл бұрын
Thanks a lot Hector!
@crystalb64286 жыл бұрын
This was helpful but would sales tax be entered in the sales tax center from bank feeds? I have pay pal integration setup and transactions are coming over as sales receipt but in undeposited funds and tax amount is not moving to sales tax payable account
@HectorGarciaCPA6 жыл бұрын
PayPal usually does not import sales tax
@allibag3 жыл бұрын
Hello Hector, Florida Department of Revenue gives you a 2.5% credit when you pay your sales taxes timely. Ie: if you have a $1000.00 in sales tax you would get a sales credit of $1.75 so I would only need to pay Florida Department of Revenue $68.25. Where would I log the 1.75 on the Sales Tax report?
@HectorGarciaCPA3 жыл бұрын
As an adjustment against an income account
@juliotorres-kv7of3 жыл бұрын
If I don´t pay taxes because of out of state transactions or sells coudn´t I be fined?
@HectorGarciaCPA3 жыл бұрын
If you have nexus in the state that is finning you, yes
@angiediaz77294 жыл бұрын
Hector i have a Tile company and i just started using quickbooks so i made a mistake when set up. The taxes how i can fixed? So what happens was on my invoices the system add taxes but basado on my address no en la de el cliente but i don’t have any idea on how i can fix that
@HectorGarciaCPA4 жыл бұрын
Angie Diaz you need to turn off Sales Tax.
@princesstolentino40153 жыл бұрын
Hi Hector! I would want to match a sales tax remitted to the government with the sales tax collection in current liability, however I cannot do this because STaxCollection is not fully recorded. Is it possible to manually record a sales tax collection to complete the amount in order for me to match it?
@HectorGarciaCPA3 жыл бұрын
Make a manual sales tax adjustment to Match the liabilities and then make the payment... the adjustment do it against income
@marveliagalindez48954 жыл бұрын
Hector if I am using Quickbooks essentials ,can I file forms like 941, W2 just like quicbooks desktop?
@HectorGarciaCPA4 жыл бұрын
No, you need add payroll service and Intuit does the fillings.
@anagama8356 жыл бұрын
Hi Hector, I'm paying my sales tax electronically, when doing the bank reconciliation what account should be this payment posted to?
@HectorGarciaCPA6 жыл бұрын
Sales tax liabilities
@laurensmolic50536 жыл бұрын
What if I charge sales tax for some customers and not for others? I'm not talking about an tax exempt agency, just customers that I were given a flat rate, including tax.
@HectorGarciaCPA6 жыл бұрын
+Lauren Smolic tax exempt customers just don’t charge them tax...
@TheJacobsmomma5 жыл бұрын
If the customer is not tax exempt you have to adjust the invoice to include the taxes to final invoice amount. We run into this alot, as we quote taxable customers a flat rate. I've learned sometimes the final amount may be off by a penny due to rounding, no biggie.
@johnallen63465 жыл бұрын
Hi, Hector. This is more of a quickbooks question than a sales tax law question. I currently do the bookkeeping for a local restaurant inn my city. In my state all sales on goods and services is taxed at a flat rate, 6.75%. When recording these items in quickbooks, I have the tax already added on, however, when I go to make a deposit, I have an excess in funds because my program is assuming that sales tax is extra. For example, I sell $500 worth of goods, I record $500 in my bank, but quickbooks wants to record a deposit of $533.75, which isn't correct. It should record deposit of $500 with $466.25 as cash and $33.75 as a sales tax payable, correct? Can you help with my question? Thanks!
@HectorGarciaCPA5 жыл бұрын
John Allen you may need to exclude sales tax from the invoic slime items so QuickBooks can calculate correctly
@johnallen63465 жыл бұрын
Hector Garcia CPA how can I properly record sales liability. Would I record it in a sales receipt?
@princesstolentino40155 жыл бұрын
Hi Hector! How should I account tax deposited by the customer, together with the sales receipt.
@HectorGarciaCPA5 жыл бұрын
Send it to Sales Tax Liability
@princesstolentino40155 жыл бұрын
Thanks, tax paid monthly and its in the expense. How can I clear the sales tax liability.?
@HectorGarciaCPA5 жыл бұрын
princess tolentino against the expense
@princesstolentino40155 жыл бұрын
Thank you so much Hector.
@annthans27282 жыл бұрын
Hi Hector. Hope you're doing great. Would you know an affordable tax course where I can enroll in?
@HectorGarciaCPA2 жыл бұрын
Fast forward academy has some good ones
@annalizarodriguez95302 жыл бұрын
@@HectorGarciaCPA can I take this course without being an american or a green card holder?
@HectorGarciaCPA2 жыл бұрын
@@annalizarodriguez9530 which course?
@annalizarodriguez95302 жыл бұрын
@@HectorGarciaCPA the one as EA for the Fast Forward Academy. Because I am already enrolled in your monthly subscription course since last month. :-)
@HectorGarciaCPA2 жыл бұрын
@@annalizarodriguez9530 I see.. enrolled agent is to get a certification to practice before the IRS. It is limited to US persons. You can take the course; but you cannot get the designation
@amazingsylvia6 жыл бұрын
Hi Hector. We downloaded quick books online but there is no possibility to check mark the sales tax. Are they different version of QB. I'm still in my 30 day trial.
@HectorGarciaCPA6 жыл бұрын
Sylvia De Freitas you May need to enable the feature..
@princesstolentino40155 жыл бұрын
Hi Hector, there were taxes included in the sales receipt thru paypal. What account is this?
@HectorGarciaCPA5 жыл бұрын
princess tolentino sales tax liability
@ruvimg5 жыл бұрын
How do i add the sales tax with the percentage that the sales tax is onto the actual invoice So it would say Sales Tax @ 9.9% $99 Total = $1000 Thanks
@HectorGarciaCPA5 жыл бұрын
Are you using the US version?
@ruvimg5 жыл бұрын
Hector Garcia CPA yes I am, I’m using the online version. It just gives me the total tax and I can’t figure out how to add the tax rate next to it.
@jessicasustaita16 жыл бұрын
We recently upgraded from qb pro to qbo and we aren't able to set up sales tax for different cities. It is only charging one rate which is the state of TX tax rate. This is a big problem for our company since we have several different cities we do work in. Has anyone been able to fix this problem?
@HectorGarciaCPA6 жыл бұрын
Jessica Martinez yes they are working on a major upgrade to sales tax... call support ASAP so they can help you... otherwise I can help you, but will cost you $500 :)
@TheJacobsmomma5 жыл бұрын
The way we managed this was setting up combined rates by zip code, using the postal 4 digits behind it. We are in the service industry and have to tax to the service address, and the rates can vary within one zip code...why we set up with the 4 digit code. We have had much success managing it this way. This was QB supports suggestion when we stumbled on this issue. When you look up the rates & jurisdictions by address on the comptrollers site, we set it up similar. mycpa.cpa.state.tx.us/atj/ Example: mycpa.cpa.state.tx.us/atj/search?address=501+W+MAIN+ST&city=TOMBALL&zipCode=77375 We set up as "SALES TAX 77375-5535" and set up the jurisdctions (codes) to match. Hope this helps.
@vipinsharma47867 жыл бұрын
how can I put signature in invoice
@HectorGarciaCPA7 жыл бұрын
+Vipin Sharma not possible
@vipinsharma47867 жыл бұрын
Thanks for your Input
@affebanane30395 жыл бұрын
How you do the same with pre taxes?
@HectorGarciaCPA5 жыл бұрын
I don’t know what that means.
@ahsanakhter63895 жыл бұрын
I enable my company Sales Tax but mistakenly entered the wrong name. Now I can't change it. any help in this regards.
@HectorGarciaCPA5 жыл бұрын
Ahsan Akhter maybe call support
@ahsanakhter63895 жыл бұрын
@@HectorGarciaCPA will you support this to me on call ???
@HectorGarciaCPA5 жыл бұрын
Ahsan Akhter I charge $350 per hour for support
@ahsanakhter63895 жыл бұрын
@@HectorGarciaCPA I think I have to change accounting software as QBO does support our requirements. 😣😥
@HectorGarciaCPA5 жыл бұрын
Ahsan Akhter support covers some aspects of the switch.. but not all of it..
@derekmontgomery48644 жыл бұрын
what if when I click on Taxes....it looks nothing like that>??????
@HectorGarciaCPA4 жыл бұрын
They changed the whole screen this year :)
@sandrarios14135 жыл бұрын
Héctor! How can I email you directly?
@HectorGarciaCPA5 жыл бұрын
Sandra Rios my email is in the video
@mohamedkamal90005 жыл бұрын
Hi Hector, Could I assign the non-taxable services to some certain taxes agency of my creations like "Taxes Free Agency" then the total of the exempted sales appears in a separate report? what is the pros and cons of that?
@HectorGarciaCPA5 жыл бұрын
mohamed kamal in QB online, you can’t do any of that.