QuickBooks Payroll Services provide you with a tool which allows you to enter Previous tax payments. This saves you from doing over-payment to the agencies. Previous Tax payments are significant as they help you in specifying the correct tax period and payment date. Entering historical payments in QuickBooks is the best method to know about the right wage and tax statement (W-2). User can keep a record of various tax payments in the Tax Center of QuickBooks. QuickBooks has created 3 tax agencies by default namely VAT, CST and Service Tax.
In this blog, we will try to explain about various tax records in QuickBooks and the ways to enter previous tax payments in QuickBooks. We request you read this blog carefully so that you can enter it by yourself. However, in case you find any difficulty while making an attempt to enter previous tax payments in QuickBooks, you can seek technical assistance from our QB expert on call. You can reach us at our 1-855-856-0042
Points to consider before entering previous tax payments in QuickBooks
Before moving ahead, we will look at the points which you should keep in mind before executing these steps.
- Previous Tax and payrolls can only be provided in QuickBooks Payroll Application.
- You need to enter all the employees who have received wages within the ongoing year.
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How to Enter Previous Tax Payments in QuickBooks?
We have come up with the steps which need to be taken to enter previous tax payments in QuickBooks. Let us see what those steps are.
- Open QB Desktop Application.
- Select payroll setup in the Employees Tab.
- Fill all the necessary details.
- On YTD payrolls page, you need to choose “ Continue”.
- If your company has issued any check in the ongoing financial year, select Yes.
- Continue > Edit adjacent to the Tax Payments Option.
- Fill whatever previous statements you want to enter.
- Click on the arrow right next to the tab where you entered previous statements.
- Now, enter the tax information for the total paid amount.
- Repeat this procedure to enter the tax statements for the coming quarter.
- After providing all the tax statements for the financial year, you will see the remaining balance. Now, you need to pay this balance to the assigned tax agencies, and this will settle your Tax payments.
- In the end, you need to click on the ‘Done’.
This brings us to the end of this blog. While summing up, we hope that the information shared by us will be useful to you in entering the previous tax payments by yourself. However, in case you find any difficulty in enter the previous tax payments in QuickBooks, you can seek on-call technical support from our QB expert at our 1-855-856-0042.