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Calculate sales and returns

To do this task

  1. Choose Reports > Accountant & Taxes > Income Tax Summary. Shortcut

  2. Make sure the date range is for the tax period you want.

  3. Make note of the amounts shown for "Gross receipts or sales" and "Returns and allowances."

  4. Subtract the amount for "returns and allowances" from the amount for "gross receipts and sales." If you didn't issue credit memos or refund checks, that number is an accurate total to report for net sales on your income tax form.

    However, if you issued credit memos or refund checks, the amounts for "gross receipts or sales" and "returns and allowances" may not be accurate.

If you issued credit memos or refund checks

  1. Choose Reports > Accountant & Taxes > Income Tax Summary. Shortcut

  2. Make sure the date range is for the tax period you want.

  3. In the report, make a note of the amounts shown for "Gross receipts or sales" and "Returns and allowances."

    "Gross receipts or sales" is the net sum of all of your sales for the taxable year, including returns you entered as credit memos or refund checks.

    "Returns and allowances" is the total of all the discounts you gave, either as line items on a sales form or as discounts for early payment.

  4. In the report, double-click the amount for "Gross receipts or sales."

  5. Add Debit and Credit columns:

    • Click Customize Report at the top of the report.

    • On the Display tab, go to the Columns list and select Debit and Credit.

    • Click OK.

  6. Scroll to the end of the QuickZoom report to display the totals for the Debit, Credit, and Amount columns.

    On your tax form, enter the Credit total as your gross sales. Example

  7. Add the Debit total in the QuickZoom report to the total shown for "Returns and Allowances" in the tax summary report. On your tax form, enter the result on the line for returns and allowances. Example

  8. Subtract the amount you calculated for returns and allowances in Step 7 from the Credit total shown on the QuickZoom report. Enter the result on the line for net sales on your tax form.

See also

KB ID# H_TAX_SALES
12/5/2016 12:24:56 AM
QYPPRDQBKSWS08 9138 Pro 2017 191491