Wednesday, May 1, 2019

Record Sales Tax Payment refund / credit from Tax Agency

There isno Credit option under Transactions > Bank > Sales TaxPayments or Write Tax Liability.


To refunda Sales Tax Payment from a Tax Agency:
1. Check the G/L Impact of the Sales Tax Payment that was made tothe Tax Agency
2. Jot down:

Name of Tax Agency
Sales Tax Payable account (Tax Account) debited

3. Navigate to Transactions > Bank > Make Deposits
4. Enter the values for Account and the rest of the fields in the MainLine (as needed)
5. Under the Deposits tab > Other Deposits sub tab > entervalues for:

Name = Tax Agency
Amount = amount refunded
Account = Sales Tax Payable account (Tax Account) or any accountthat user wants to credit

6. Entervalues for the rest of the columns in the Other Deposit sub tab asneeded
7. Save the Deposit.


Theamount of the refund will be showing on the Other Tax Payable sub tabwhen use navigate to Transactions >Bank > Pay Sales Tax (for USTaxation).

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