I placed an order from a vendor and the particular vendor does not immediately remove the tax a the time of purchase. I had to pay the tax, and then fax in a tax exempt form and they reimbursed the taxes paid. now that I have recieved the tax in form of a check, how do i enter that deposit into Quickbooks so it reflects in the customer job profitability?
When you purchased the item did you break it up by tax and item or just one expense? Either way you would credit the amount back to the original expense account that you used. For example:
Originally purchased materials for $1000 (including $50 tax) - expensed to materials
Enter a deposit for $50 and the account you would use in your deposit is materials. That adds the expense back so you aren't deducting the amount that you didn't pay.
If you broke it down by $950 materials $50 sales tax, you would make your deposit using sales tax for the account in the deposit.
-Huntingtax Accounting
"QuickBooks Training in Mesa, AZ"
