Collecting and submitting sales tax to an agency, for PHYSICAL PRODUCTS (Q Mac)

Bergan
Bergan Quicken Mac Other Member
edited January 16 in Business and Rental Property Tools (Mac)

Hello, I've just migrated to Quicken Mac Business and Personal (v.8.4.1) from Quicken Classic Premier on Windows, and I'm getting used to the Mac interface. I'm struggling with how to set up the sales tax liability account, not for clients that I must charge sales tax for services, but physical products that I sell direct to customers. I'm a book author and I occasional sell books at book fairs locally, and must charge sales tax.

The Help files are NO help whatsoever in setting this up - in either using the Sales Tax register or in paying the tax. It says I must use invoices to pay the tax, but in my case, there is no invoice to be generated. I simply make the sale in person, collect the tax, and once a year, submit what I've collected to our local taxing agency.

Now that the year has rolled over, I can't figure out how to set this up. I have the deposits in my bank account for the various sales I made over the holidays, but how do I split out these transactions between Royalties Received (which is what my portion is) and the sales tax that I must turn over to the county?

Any step-by-step help would be greatly appreciated!

Gail B

Comments

  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Just guessing here because I'm a Q Windows user … I'm assuming that this should work similar to Q Windows for you as a Mac user.

    If you haven't created Customer Invoices for your cash sales, you should at least have register transactions with a Split, recorded in a Cash account:

    • Cash Sales Proceeds, categorized to Royalties Received
    • Sales Tax, categorized as a transfer to (what in Q Windows is) the *Sales Tax* holding account.

    To send the Sales Tax to the County, write a check in your Checking account, dated 12/31/25. As amount use the balance in the *Sales Tax* account as of 12/31. Categorize it as a transfer from the *Sales Tax* account.

    Theoretically, when creating a Customer Invoices account in Q Mac, a Sales Tax account should have been created for you. At least, that's how it works in Q Windows, where the account is marked as hidden. You need to look it up in the Account List and remove the hidden mark.
    Optionally, you should also create a Vendor Invoices account, for business expense tracking.

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