Know your Sales Tax in 2023 in QuickBooks Online
When adding customers in your QuickBooks Online account it is important to identify them as taxable. This will calculate taxes based on their location’s tax rate. Making sure your customers are set up with the proper tax codes will make determining your monthly, quarterly, or yearly taxes due a seemingly automated process.
To set the tax code, click on the “Edit” button next to the customer’s name. In the “Customer Information” screen, click on the “Tax info” tab on the bottom half of the window. Check the “This customer is taxable” box. This will activate the “Default tax code” drop-down. Choose the location and tax rate that apply. Going forward, QuickBooks Online will calculate taxes and break it down for you in the Sales Tax portion of your account.
The Sales Tax Center in QuickBooks Online makes tracking and paying taxes easy. You can display taxes owed by month, quarter, half-year, or year. You can even display the information by an accrual or a cash accounting basis. This screen also allows you to view reports and recent sales tax payments. Setting up your customers in QuickBooks Online with the correct tax codes will make tax time far less stressful.
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