Enter an opening balance for sales tax liability (what you owe)

If you collect sales tax and you've set it up in QuickBooks, you need to enter an opening balance for your Sales Tax Liability account (what you owe as of your QuickBooks start date). sales tax, historical transactions, liabilities, sales tax, sales tax, historical transactions, sales tax, liability (what you owe), sales tax, opening balance, year-to-date amounts, sales tax, . After your start date, your sales tax is included on your sales forms and entered into this account.

Important: Do not use this procedure if you entered historical invoices or sales receipts dated before your QuickBooks start date. sales tax, historical transactions, liabilities, sales tax, sales tax, historical transactions, sales tax, liability (what you owe), sales tax, opening balance, year-to-date amounts, sales tax, . Your sales tax will already be included on them and posted to this account. sales tax, historical transactions, liabilities, sales tax, sales tax, historical transactions, sales tax, liability (what you owe), sales tax, opening balance, year-to-date amounts, sales tax, . You also can skip this procedure if you entered an opening balance for each tax agency as you set it up.

To do this task

1. Go to the Lists menu and click Chart of Accounts.

2. In the Name column, double-click Sales Tax Payable.

   If Sales Tax Payable isn't in the list, then you haven't set up the account.

3. In a blank transaction at the bottom of the register, fill in the details for the tax agency owed:

   1. In the Date field, enter your QuickBooks start date.

   2. In the Vendor field, select the tax agency.

   3. In the Billed field, enter the amount you owed as of your start date.

   4. From the Account drop-down list, select Opening Bal Equity.

4. Click Record.

5. Repeat steps 3 and 4 for each tax agency to which you owed sales tax as of your QuickBooks start date.