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Posted by John B in CA on October 3, 2007, 11:22 pm
Please log in for more thread options Hawk and Wayne,
I too use Quicken H&B to generate invoices, and I need to collect sales tax
(in CA) on some transactions. In addition to sales subject to sales tax, I
have out of state sales (no sales tax) and sales for resale (no sales tax).
Here's what I do:
When I create a new customer record, I add a code after the customer name
that will distinguish that customer from others. For example, let's say I
have three customers:
1) Smith Company -- in my local tax area, so I charge them tax.
2) Jones Company -- in another state, so I don't charge them tax.
3) Miller Company -- either in my state or out of state, but the sale is
for resale, so I don't charge them tax
In Quicken, I will name these customers as follows:
1) Smith TXCA
2) Jones TXOUT
3) Miller TXRE
When I go to prepare an invoice, those names are what will appear in the
little dropdown at the top of the invoice form labeled Customer. The Bill
To field on the invoice form will have the company name/address without my
code.
When running reports, I filter on TXCA, TXOUT and TXRE. The reports give me
the numbers I need to complete my sales tax return.... almost! For the
transactions that are subject to sales tax, I have to use a small Excel
spreadsheet to compute the amount on which the tax is applied and the amount
of the tax. My Quicken report on TXCA will show the total amount -- invoice
subtotal plus sales tax. My CA sales tax report needs two separate
numbers -- the subtotal and the tax. My Excel spreadsheet takes the total
and gives me the two separate numbers.
I think my system can be modified to work with different sales tax
percentages. For example, you could have TX75 and TX85 to represent you
two tax zones.
I have used H&B since day-one, and this has always been a nuisance and
shortcoming to me. Having worked out my system, however, it's now very easy
to prepare my quarterly sales tax reports.
John
> Hello,
>
> I'm running Quicken 2005 Premier Home & Business - and have used Quicken
> for our small business ever since we started - just about 10 years ago.
>
> I'm sort of discouraged, though when every quarter - when it's time to
> submit my sales tax to the state (Texas), I have to manually add-up my
> total sales (invoice sub totals), taxable sales (invoices that I charged
> sales tax on), and sales tax collected..
>
> I've looked all through the quicken reports - and I just can't find an
> easy way to extract what I'm looking for... is there one? Or am I going
> to need to simply find a better accounting method?
>
> Thanks,
> R Smith
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