Sales/Use Tax reports in Quicken 2017 H&B, Creating Quarterly reports for tax payments

Hi, I have Windows 10, Quicken 2017 Home and Business. 

I'm a small business owner (videographer) and I'm trying to figure out how I can generate a report BY QUARTER in order to report and pay my sales tax.  My confusion is, when I book a event I take a deposit, then sometimes the bill isn't paid until following quarter and sometimes, refunds are given (the following quarter). 

So my questions is, what is the best report or way to generate a report in order to calculate the TOTAL GROSS INCOME for the previous Quarter?

Comments

  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited October 2018
    The Sales tax you collect in Customer Invoices is, when set up properly, recorded in an account named *Sales Tax* (yes, with asterisks in the account name).
    This account may be hidden, when you look into your Account List ... if it is, unhide it.

    Someone correct me if I'm wrong, but isn't the procedure to just simply write a check on the balance of the *Sales Tax* account and mail it in? Categorize this check as a transfer from Checking to [*Sales Tax*]
    (I don't have to do this myself, so I don't know the exact procedure)
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    Matt,
    You've also got an accounting decision here:
    • Do you report/pay Sales Tax in the quarter in which the work was done, OR
    • Do you report/pay Sales Tax in the quarter in which the payment is received.
    For many/most transactions, that will be the same quarter ... so no sweat.

    It's for those variances (that you spelled out) that you need some accounting/tax advice.

    And NO ONE on this forum is qualified to do that.  Find a qualified professional to help you.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Matt
    Matt Member
    edited October 2018
    I do have the *Sales Tax* account, BUT in my state sales tax for it asks for "Gross Receipts from all Sales" and it calcuates what i owe vs. me entering what Quicken says I collected.

    Thank you both, What I was told was to change my report to ACCRUAL BASIS and pay the sales tax on the INVOICED amount vs. what I actually received.  This was guidance from a book keeper.

    If I keep it as "Cash Basis" and run the report when I look at each respective line item (invoice) it shows my amount with the tax taken out already ie. If someone left a $50 deposit the report shows $48.xx, and the when adding up the total the amount is incorrect, because it's not actually GROSS sales, it's NET.  

    So while I don't "get it" theoretically to pay taxes on something just invoiced vs. received, seems like that's the way it's done? Or at least the way I was told and Quicken seems to run reports.

    Not sure if this all makes sense...
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    Matt said:

    I do have the *Sales Tax* account, BUT in my state sales tax for it asks for "Gross Receipts from all Sales" and it calcuates what i owe vs. me entering what Quicken says I collected.

    Thank you both, What I was told was to change my report to ACCRUAL BASIS and pay the sales tax on the INVOICED amount vs. what I actually received.  This was guidance from a book keeper.

    If I keep it as "Cash Basis" and run the report when I look at each respective line item (invoice) it shows my amount with the tax taken out already ie. If someone left a $50 deposit the report shows $48.xx, and the when adding up the total the amount is incorrect, because it's not actually GROSS sales, it's NET.  

    So while I don't "get it" theoretically to pay taxes on something just invoiced vs. received, seems like that's the way it's done? Or at least the way I was told and Quicken seems to run reports.

    Not sure if this all makes sense...

    A "book keeper" doesn't have the credentials to make that determination.

    Find an Accountant, or other LICENSED professional.

    Cash Basis is easiest on your book keeper ... that doesn't make it correct.

    AND, BTW, true "Cash Basis" would report when the cash is received ... not when the work is invoiced.  So, your Book keepers advice is just plain wrong factually.

    And, NO, I'm not a CPA.  I'm a retired Certified Information Systems Auditor and a former Audit VP for Wells Fargo Bank.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Matt
    Matt Member
    edited October 2018
    I think what I'm trying to say is that in my QUICKEN report of GROSS RECEIPTS OR SALES, it's not accurate, it's not gross, it's NET because the number it's giving me isn't what I received, it's what I received LESS taxes. and I can't find a report that can generate the actual amount the person paid me.
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited October 2018
    Matt said:

    I do have the *Sales Tax* account, BUT in my state sales tax for it asks for "Gross Receipts from all Sales" and it calcuates what i owe vs. me entering what Quicken says I collected.

    Thank you both, What I was told was to change my report to ACCRUAL BASIS and pay the sales tax on the INVOICED amount vs. what I actually received.  This was guidance from a book keeper.

    If I keep it as "Cash Basis" and run the report when I look at each respective line item (invoice) it shows my amount with the tax taken out already ie. If someone left a $50 deposit the report shows $48.xx, and the when adding up the total the amount is incorrect, because it's not actually GROSS sales, it's NET.  

    So while I don't "get it" theoretically to pay taxes on something just invoiced vs. received, seems like that's the way it's done? Or at least the way I was told and Quicken seems to run reports.

    Not sure if this all makes sense...

    From C. D. Bales:


    I don't see the problem. I think you're making too much of the "gross income" notion (and you have not said where you're seeing a Quicken "gross income" report).


    Your gross (business) income is (should be) assigned to specific business income categories. Such categories will not include sales taxes.


    Sales taxes are "added" to invoices by Quicken creating a transfer TO the invoice (account) FROM the sales tax liability account (increasing the sales tax owed).


    Every Quicken "transfer" is assigned a Category: namely the account being transfered TO or From, in square brackets - such as [*Sales Tax*].


    When you create any Quicken report; you can include any categories you wish - and you can exclude any categories you wish - (including transfers).


    I suggest you choose only business income categories for your report. If the report also includes "transfers"; either exclude "All transfers" (guaranteed to remove sales tax transfers), or exclude specific transfers (specifically transfers to the sales tax account) using the Categories tab in the report Customize dialog.


    [I don't see anywhere that you named the specific Quicken report(s) you have been having a problem with, so it's hard to be more specific.]
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited October 2018
    Matt said:

    I think what I'm trying to say is that in my QUICKEN report of GROSS RECEIPTS OR SALES, it's not accurate, it's not gross, it's NET because the number it's giving me isn't what I received, it's what I received LESS taxes. and I can't find a report that can generate the actual amount the person paid me.

    From C. D. Bales:


    "I can't find a report that can generate the actual amount the person paid me".


    I repeat:


    "Your gross (business) income is (should be) assigned to specific business income categories. Such categories will not include sales taxes".


    "I suggest you choose only business income categories for your report. If the report also includes "transfers"; either exclude "All transfers" (guaranteed to remove sales tax transfers), or exclude specific transfers (specifically transfers to the sales tax account) using the Categories tab in the report Customize dialog".


    NOTE: You said earlier that you were told, "to change [your] report to ACCRUAL BASIS and pay the sales tax on the INVOICED amount vs. what [you] actually received". That means you do NOT want " ... the actual amount the person paid [you]"; so I assume you have UNchecked the Quicken "Reports and Graphs" Preference to use "Cash-basis reporting if applicable" (or you may need to Customize the report to use the Accrual Basis).


    I believe a number of reports can be used for your purpose [Customized to include only Business income categories for which sales tax is owed]. A couple of examples:

    _ Business > Cash Flow (you may want to change the report "Organization" to Income & Expense)

    _ Spending > Income and Expense by Category

    _ Spending > Itemized Categories


    If you need info by payee, choose a report that allows subtotals by Payee (Business > Cash Flow, for example)
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
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