Sales Tax Review/Adjustment
Accounting & Taxes
Sales Tax Review/Adjustment
Use the Sales Tax Review/Adj form to review how much sales tax Total Office Manager shows you owe for each sales tax item, and to adjust those amounts. A common use is rounding each amount due to whole dollars before you file and pay.
Form Access
- From the main menu, click Customers | Sales Tax | Sales Tax Review/Adj.
The Grid
Each row is a sales tax item.
Sales Tax Item. The sales tax item.
Payable To. The sales tax vendor (taxing authority) you pay this tax to.
Amount Due. What Total Office Manager currently shows you owe for this item.
Increase. Enter an amount to increase what you owe for this item.
Decrease. Enter an amount to decrease what you owe for this item.
Adjusted Amount. What you will owe after the adjustment. An adjustment cannot take the amount below zero.
Hide items with amount due of zero. Check this to hide rows that have nothing due.
Adjustment Fields
Adjustment Date. The date the adjustment is recorded. It must be a valid date and must not fall before your closing (cutoff) date.
Adjustment Account. The Chart of Accounts account that receives the other side of the adjustment. It is required. Choose <Add New> to create one.
Department. Optional. The department to record the adjustment against.
Memo. A description saved on the adjustment, for example "Round sales tax for Q3 return".
Sales Tax As Of. The date the amounts are reviewed as of.
Buttons
Round. Fills in Increase or Decrease on every row so each Adjusted Amount is a whole dollar. Any amounts you typed are cleared first. Review the results before clicking OK.
OK. Saves the adjustments.
Cancel. Closes the form without saving.
Step-By-Step
- Open Customers | Sales Tax | Sales Tax Review/Adj.
- Review the Amount Due for each sales tax item.
- Enter amounts in Increase or Decrease, or click Round to round every item to whole dollars.
- Enter the Adjustment Date and choose the Adjustment Account. Add a Department and Memo if you use them.
- Click OK. Total Office Manager shows "Save Complete" when the adjustments are saved.
What Gets Recorded
One journal entry is created for each row you adjusted. Its entry number is "Adj - " followed by the adjustment date, and it is recorded between Sales Tax Payable and the Adjustment Account you chose. The adjustment also updates the amount due for that sales tax item and vendor, so Pay Sales Tax reflects it.
Check with your accountant which account to use for sales tax adjustments.