Tips & Articles
Question: Why doesn’t my QuickBooks company file ever match my tax return and why doesn’t my accountant ever give me any adjusting entries at year-end?
As a business owner it is your responsibility to keep accurate records of all transactions involving sales and use taxes. You must collect sales tax on each taxable transaction, pay use tax if required, and send these taxes to the Florida Department of Revenue in a timely manner. QuickBooks Enterprise Solutions has excellent reporting tools to assist you with keeping complete and accurate records of all sales and purchases, as well as useful reports for filing your sales tax returns.
After you set up your sales tax preferences, codes, items and rates, you need to assign sales tax information to each of your customers. Some customers are taxable, but others are not. You will begin by editing each of your customers and assigning a sales tax code. The sales tax code, commonly TAX or NON, tells QuickBooks the tax status of each customer. If a customer is taxable, you also need to assign a tax item so QuickBooks knows the sales tax rate that should be charged when a sale is made to that customer.
According to the Florida Department of Revenue Sales and Use Tax Guide http://www.onlinepayrollguide.com/forms/state/fl_i_handbook.pdf, complete and accurate records of all sales and purchases, whether taxable or not, must be kept. These records include, but are not limited to: electronic files, general ledgers and journals, cash receipt and disbursement journals, purchase and sales journals, register tapes, invoices, and statements.
I received a QuickBooks Point of Sale support call this week from a customer who was having difficulty connecting the client workstation to the POS data file which resides on a 2nd computer (the “POS Server workstation").
This happens occasionally when for whatever reason the POS Server workstation gets rebooted while the client workstation still has POS running. When this happens the connection is “lost” between the “client workstation” and the “server workstation.”
I have seen many clients have multiple companies created in their Point of Sale software with names that are very similar for many different reasons. The most popular reason: many people purchase Intuit Point of Sale software with the belief that they will learn as they use the product. After creating a variety of situations that they wish they would not have done, they decide to start all over again.
Using styles to create items can be helpful in adding necessary details to your item list as well as saving time by creating multiple items in one click. Styles are helpful to clients that sell shoes, clothes, tools, accessories…basically anything that comes in different sizes, colors, or quantities.
For example, let’s take a Men’s Nike Dri-Fit Golf shirt, and create the item using styles. For the example we will say the shirt comes in four sizes (S, M, L, XL) and four colors (Blue, Red, White, and Black).