To do this task
Choose Reports > Accountant & Taxes > Income Tax Summary.
Make sure the date range is for the tax period you want.
Make note of the amounts shown for "Gross receipts or sales" and
"Returns and allowances."
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.
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
"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
In the report, double-click the amount for "Gross receipts or
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.
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.
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.
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.
Prepare for end of year income