Method 2 - Customer Deposits
Hi Jennifer, I purchased your ebook on customer deposits and started using method 2 in Feb on a transaction. I came across a problem when I went to pay my sales tax in March.
I received 1/2 deposit on an invoice in Feb.
I ran the tax liability report March 10th, and the tax collected amount matched tax payable amount.
On March 20th, received final payment on the Feb invoice and applied the credit, as instructed.
I noticed QB added the tax from this invoice to the Feb tax liability instead of March, which messed up my tax due for Feb. You would think QB would apply tax payment to March, since the payment was received in March.
I changed the Feb invoice to 1 March so my tax report would be correct.
I guess my question is... do I do nothing and let the tax liability catch up the following month?
Click here to post comments
Return to QuickBooks Q&A.