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Chapter 6. Collecting and Paying Sales T... > Taking a Discount for Early Payment

Taking a Discount for Early Payment

If you pay your sales tax early or on time, you might have an opportunity to take a discount for the timely payment. If you simply reduce the amount you pay in QuickBooks, it will look like you didn't pay the entire bill and you'll still carry a liability on the books. Instead, you can record the amount of the discount first, offsetting the amount you owe; then when you're ready to pay the tax, the correct amount appears.

Take a Discount for Early Payment

Open the Vendors menu and select Sales Tax.

Select Adjust Sales Tax Due from the submenu.

Enter the date on which the discount is taken.

Enter the name of the government agency to which you pay the sales tax.

Enter the account in which you record discounts.

Click the Reduce Sales Tax By option.

Enter the amount of the discount.

Click OK.


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