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1 reply

BettyJaneB
BettyJaneB
Level 9
October 6, 2020

I'm happy to see you here in the Community, @alice.lai.

 

Setting up taxes in QuickBooks Online is just a breeze. I'd be pleased to share with you the steps on how to do this.

 

You'll need to turn on the tax feature option on your account so you'll be able to utilize the said functionality.

 

I'll show you how:

  1. Select Taxes on the left menu.
  2. Press on Set up tax. 
  3. Set up the tax agency details such as the name of your tax agency, any official tax number that has been assigned to your company, your reporting method, how often you file your tax to your tax agency, and whether this tax is meant for sales or purchases, then select Next. 
  4. Follow the steps to finish the setup and select Done.

Once done, you can now start adding tax rates in the system so you can apply them to your transactions.

 

To do that:

  1. Click on Taxes at the left pane.
  2. In the Tax Centre, select Add Tax. 
  3. Choose which type of tax rate you want to set up.
  4. Enter the details of your tax rate. If you need help with this screen, select the help button (yellow question mark).
  5. Select Done when finished.

After that, your tax rates are now ready to be used on your sales transactions. To give you more insights regarding managing and modifying tax rates in QuickBooks Online, feel free to check out this reference: How do I set up sales GST/VAT rates and use them on forms? (International QBO).

 

Please know that you can always visit me here if there's anything else that I can assist you with. Just leave a comment below. Keep safe, Alice!

A
Ahmed5
December 12, 2020

Withholding Taxes appear in P&L ... how i can adjust it to be read in Balance Sheet statement

Pabz_L
Pabz_L
December 12, 2020

Hello there, @Ahmed5.

 

 When pulling up a report, you have the option to unselect accounts you use for payroll expenses in your Profit and Loss report.

 

Here’s how:

 

  1. In your QuickBooks Online, go to the left menu and select Reports.
  2. Under the Business overview section, select the Profit and Loss report you'll want to run.
  3. At the upper-right, click Customize. Then, select the Filter option and check the Distribution account box.
  4. From the drop-down, put a checkmark for Select all.
  5. Then, look for the payroll expense account to uncheck it.
  6. Once done, click Run report to refresh.


 

 You can perform the same process to add your payroll expense account in the Balance sheet report.

 

 Also, by clicking the Save customization button at the upper-right, you can save the customized Profit and Loss report so you don't need to filter it all over again. Here’s an article for more details on how to manage your reports in QuickBooks: Customize reports in QuickBooks Online.

 

 Please keep me posted if you have any additional questions about the reports. Thanks.

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