Preferences In Quickbooks Code For Taxable

The tab also lets you map QuickBooks accounts to the different boxes on the 1099 form you use to report payments to independent contractors. (To do this, click the Click Here hyperlink.) Confer with your tax adviser if you have questions about these boxes or the 1099 reporting threshold amounts, or visit the IRS website.

If you indicate that you charge customers sales tax, for example, the EasyStep Interview describes how sales tax should work for your business by using the sales tax preferences.

In fact, just so you know, much of what you do when you run QuickBooks Setup via the Detailed Start route (also known as the QuickBooks EasyStep Interview) is provide information that QuickBooks uses to fine-tune.

Note that QuickBooks displays only radio buttons that make sense given the version of QuickBooks youve selected.

You can figure out how this works by clicking the button and looking at the dialog box that QuickBooks displays.

The Sick and Vacation button lets you fine-tune how QuickBooks monitors employee sick- and vacation-pay accrual and use.

Again, click either of these buttons to see a screen that provides more information about how the button works.

The Help file uses the example of tiered sales commissions where the commission amount is set for each tier.).

You use this option when you have a fixed number of hours that occurs from paycheck to paycheck.

You can indicate, for example, that you want to use a different class for each item that appears on an employees paycheck.

Note: These options appear only if classes are enabled.).

The Mark New Employees As Sales Reps check box, if selected, does what youd expect: It marks new employees that you add to the Employee list as sales reps.

And the check box titled Display Employee Social Security Numbers in Headers on Reports, if selected, also does what youd expect: It adds employee Social Security numbers to reports.

The figure shows the Company Preferences tab of the Sales Tax Preferences dialog box.

You select the radio button Yes or No that answers the question.

Preferences In Quickbooks Code For Taxable

By default, QuickBooks uses the clever tax code for taxable sales and the equally clever non code for nontaxable sales.

You can choose the Add New entry from either drop-down list, however, and use the dialog box that QuickBooks displays to create your own taxable and nontaxable codes.

You can indicate the default (or most common) sales tax item that you want to include by entering this sales tax item name in the Your Most Common Sales Tax Item combo box.

To add the sales tax item, choose Add New from this drop-down list and complete the dialog box that QuickBooks displays.

The New Item dialog box lets you name the sales tax item and identify the sales tax rate.

The check box titled Identify Taxable Amounts as T for Taxable When Printing, if selected, tells QuickBooks to flag taxable amounts on an invoice with the code T.

You select the radio button that corresponds to your sales tax payment frequency.

Company preferences exist, however, as indicated by the Company Preferences tab, shown.

This tab lets you tell QuickBooks when youre required to file 1099-MISC forms (answer the Do You File 1099-MISC Forms question by selecting the Yes radio button).

The tab also lets you map QuickBooks accounts to the different boxes on the 1099 form you use to report payments to independent contractors.

To do this, click the Click Here hyperlink.) Confer with your tax adviser if you have questions about these boxes or the 1099 reporting threshold amounts, or visit the IRS website.

Preferences In Quickbooks For Mac