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Sales Tax Question?


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I'm new to Express accounts so I have a couple silly questions.

 

1. A "Linked Accounts"window keeps popping up saying "In order to use invoices, customer payments and Purchase Express accounts should have info about the following accounts" The account that has no information is Sales Tax Collected. What should I put here?

 

2. I set my sales tax rate and when I make an invoice it shows sales tax correctly. So at the end of the month when I want to pay sales tax where do I find the total collected? mple but I've spent 2 days trying to figure it out on my own.

 

Like I said, I'm new to this and I'm sure the solution is simple but I've spent 2 days trying to figure it out on my own. Thanks for any help

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I am using version 4.51 of Express Accounts depending on what version you are using things may be slightly different.

 

Go to "Chart of Accounts" and see if you have an account called "Sales tax payable" if you have, double click on it and in the drop down box next to Default linked account for: select "Sales Tax Collected" - I can't recall if I created this "Sales Tax Payable" account or if it is a default account.

 

 

The Sales Tax Payable account should be a Liabilty account (mine has all other boxes left unticked)

 

At the end of the month run a VAT report to see the amount you have collected. (The wording VAT is embedded in the program and can't be changed to suit different countries )

 

Hope this helps.

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