Transactions which are provided to adjust the amount in the “Tax Payable” account to reach the correct liability that needs to pay to the agency are known as Tax Adjustments. In “Charts of Account” the default tax agencies created by QuickBooks have Input and Output accounts. With the help of QuickBooks Support, make adjustments using easiest and quickest steps:
- On the left click Taxes.
- Choose the agency you wish to perform the adjustments for, from the drop-down. Click the right or left arrows on the carousel to choose the relevant agency alternatively.
- Under Open, in the Returns section find the period for which you need to make the adjustments. Here usually, you will see the period which the adjustment is to be made.
- Click Tax Adjustment in the Action column.
- A journal entry form will appear.
- Enter Input here, Output and Payable accounts for CGST, SGST, and IGST and save the adjustment.
- VAT & CAT:
- Repeat the first two steps which you performed for GST.
- Clicking the VAT or CST agency will take you to the Journal entry page where Input & Output and Tax Payable accounts are automatically populated with the amount.
- Check if the amounts and the accounts are correct. Get it checked with your Chartered accountant and check the numbers.
- Hit the Save & Close button and save the adjustment transaction.
- Service Tax:
- Repeat the first two steps of the above-mentioned process.
- Click on the ‘Tax Adjustment for service tax agency’ to reach the adjustment page. On the appeared page verify Output Service collected & Reverse Charge payable.
- Click the Adjust link to adjust an amount of input Service Tax credit & Reverse Charge Credit. Use the option of “Utilize”, “Write Off” or “Deffer” for Input Service and “Utilize” for Reverse Charge Credit to change amount.
- Hit the “Save” button once the necessary changes have been made.
- On the Tax Center page, verify that the payable balance displayed for the agency has been updated.
- Click Record Payment to record the payment.
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