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I have recorded bills and deducted FEDPST(14.975%) on them. Sales tax report shows zero taxes!

mohsinmkg7mohsinmkg7 Member Posts: 6

I have entered many bills and selected the FEDPST option which deducts 14.975%. It adds to bill amount and I get a gross amount. then I pay it from corresponding entry in my business credit card. However, when I go to Reports>Sales Tax Report none of these taxes show there or in detailed audit. Am I missing something here? Can anyone walk me through it. Thank you for reading.

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @mohsinmkg7.

    Was this tax set as recoverable when you created it? If not, it wouldn't show up on your tax report. Furthermore, you can't change whether a tax is recoverable or not after you've created it, so to fix this, you'll have to create a new tax and make sure to set it as a recoverable tax.

    Once that's done, you'll have to change the tax to this new tax on all of your previous bills, where applicable.

  • mohsinmkg7mohsinmkg7 Member Posts: 6

    That's the correct diagnosis, thank you very much!

    It's a bit of shame that we cannot edit this, but its my bad so can't really blame anyone.

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Happy to help!

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