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Quickbooks 2004: Sales Tax Liability report doesn't compute with Sales Tax Revenue report...why?

Posted on 2005-04-18
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Last Modified: 2010-05-18
Hi All,
I have been paying Sales Tax to the state of TN quarterly as required.  I began using Qbooks last October, which has allowed me only one opportunity to pay sales tax and use the Sales Tax Liability and Sales Tax Revenue reports in Qbooks.  The first time there were no issues.  The Revenue report's bottom line of taxable income matched with the calculated tax liablity...the program appeared to do it's job correctly.

This time, something is different.  The Sale Tax Revenue reports a taxable amount of 28,000.  The Liability report shows that I owe tax on a much greater amount than that (about 1/3 more).  Using the "Pay Sales Tax" feature, it produces the higher number as well.

Question: Can any one offer some insight as to where to look for a possible discrepancy either in Qbooks or the way I'm thinking about it?

Thanks,
Terry
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Question by:colepc
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Expert Comment

by:mikeopolo
ID: 13827982
Are both the reports on the same accounting basis? (cash, Accrual). I'm not familiar with your sales tax regime, so this may not apply to these reports, but it's a common issue on other reports.

Regards
Mike
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mikeopolo earned 2000 total points
ID: 13828024
Another possibility: have you recorded the previous sales tax paid, in a way that makes QuickBOoks close that period out? That would make the difference in the amount payable equal to the amount you paid the first period.

Regards
Mike
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Author Comment

by:colepc
ID: 13830339
I found the issue.  I had ran Sales Tax Liability and Sales Tax Revenue reports for Q4 last year.  I paid the full amount.  I've since realized that after I paid the amount in full, I had a client that wanted to date an invoice for a large project for 12/31/04.  This was done after paying the sales tax and therefore, reports for Q1 of '05 showed me having a balance carried over from that quarter.

Thanks!!   Points to you for the participation.
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Expert Comment

by:mikeopolo
ID: 13830482
Hi, many thanks for the points, and glad you found the answer!

Mike
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