Hi Nerd, I enjoy your videos, and thank you for sharing your knowledge. I started using QBO and use QBO for my payroll and tax payments. When I ran the payroll in QBO, QBO takes the net payroll from my account and deposits the fund to employees' checking accounts. amount. When the payroll taxes are due I pay them from QBO. Here is my question, instead of using my bank account to pay the taxes I would like to use my AMEX card to earn points. I am not sure if QBO accepts credit cards but I was thinking to make the payment through EFTPS and then mark the taxes as Paid in QBO. Will this clear the liability? Also, how will I treat the payment that will come through my credit card feed? I appreciate any suggestions. JL
Hi JA LAW! I would check with QBO Payroll Support on this. It might work, but check with them to be sure. I am sure they don't accept credit cards, but check with them about paying the taxes yourself via EFTPS. When you record the payment in QBO you would book the payment with a split between employer taxes and employees. The Employee portion goes against the liability and it should zero out when you do that.
My profit and loss does not match what the sales tax liability reports. The taxable and non-taxable numbers do not match and the P&L consistently shows more revenue the the sales tax liability report. The past sales tax filings I do not think are correct and not sure how to fix. I did find some products were mapped to the wrong income account but that does help me reconcile the past reports to see if they are correct or if I need to amend the sales tax returns. Also, I added up all the sales tax collected in the liability account and it shows more collected than what is owed on the sales tax liability reports. Any suggestions on how to fix?
With all of that said, it would be impossible to answer without taking a deep look at it. In general you want to make sure you are looking at both reports on an accrual basis. This kind of analysis we never work on a cash basis. Then you have to audit the reports. If sales don't tie, drill into the sales number on one report and then the other to identify what is missing on one side or the other. Along the way make sure that everything that should be marked taxable is and vice versa. The difference between sales tax collected vs what is owed could be a timing difference on payments. That is actually kind of common. I hope this helps!
@@nerdenterprises Thanks for responding (and on a Saturday!). Do you still do 15/30 minute consultations? I might need a little verbal support to get me started in the right direction.
@@jennaferthorpe1869 Sorry I don't. The best way to get my support is either by Joining 97 & Up, or my Concierge Support plan which is more aimed at people who need a LOT of on going support.
Hi Nerd, I enjoy your videos, and thank you for sharing your knowledge. I started using QBO and use QBO for my payroll and tax payments. When I ran the payroll in QBO, QBO takes the net payroll from my account and deposits the fund to employees' checking accounts. amount. When the payroll taxes are due I pay them from QBO. Here is my question, instead of using my bank account to pay the taxes I would like to use my AMEX card to earn points. I am not sure if QBO accepts credit cards but I was thinking to make the payment through EFTPS and then mark the taxes as Paid in QBO. Will this clear the liability? Also, how will I treat the payment that will come through my credit card feed? I appreciate any suggestions. JL
Hi JA LAW!
I would check with QBO Payroll Support on this. It might work, but check with them to be sure. I am sure they don't accept credit cards, but check with them about paying the taxes yourself via EFTPS. When you record the payment in QBO you would book the payment with a split between employer taxes and employees. The Employee portion goes against the liability and it should zero out when you do that.
@@nerdenterprises Thanks a lot. I appreciate you.
@@MilesandMoneyMatters thank you! I appreciate the kind words and the opportunity to help 🤓.
My profit and loss does not match what the sales tax liability reports. The taxable and non-taxable numbers do not match and the P&L consistently shows more revenue the the sales tax liability report. The past sales tax filings I do not think are correct and not sure how to fix. I did find some products were mapped to the wrong income account but that does help me reconcile the past reports to see if they are correct or if I need to amend the sales tax returns. Also, I added up all the sales tax collected in the liability account and it shows more collected than what is owed on the sales tax liability reports. Any suggestions on how to fix?
With all of that said, it would be impossible to answer without taking a deep look at it.
In general you want to make sure you are looking at both reports on an accrual basis. This kind of analysis we never work on a cash basis.
Then you have to audit the reports. If sales don't tie, drill into the sales number on one report and then the other to identify what is missing on one side or the other.
Along the way make sure that everything that should be marked taxable is and vice versa.
The difference between sales tax collected vs what is owed could be a timing difference on payments. That is actually kind of common.
I hope this helps!
@@nerdenterprises Thanks for responding (and on a Saturday!). Do you still do 15/30 minute consultations? I might need a little verbal support to get me started in the right direction.
@@jennaferthorpe1869 Sorry I don't. The best way to get my support is either by Joining 97 & Up, or my Concierge Support plan which is more aimed at people who need a LOT of on going support.