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Taxes & Rounding

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  • Taxes & Rounding

    I am using the Premeir 2006 edition of QB and the Home Page icon Pay Sales Tax.

    My problem is that taxes for California round based on pennies, over 0.51 and you round to the next dollar and under 0.50 and you round to the current dollar. Quickbooks is tracking taxes to the penny which means that when I paid my taxes I have a 20 cent discrepency, because I paid 20 cents less than Quickbooks calculated. How do I adjust this since the 20 cents is accrued and still shows it being owed this quarter?

  • #2
    Go to Vendors>Sales Tax>Adjust Sales Tax Due. There you can enter the adjustment and post it to and income or expense account. You may want to create either type account just for this purpose - Sales Tax Over/Under.
    Suzanne M. - "Better Books"
    Certified Quickbooks ProAdvisor in Pro.,Prem. & Enterprise /