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

Matt

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?

UKR

NotACPA

Matt

NotACPA

Matt

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

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)