You can configure CoreBridge to have your sales tax liability post to the default Sales Tax Payable account in QuickBooks. When you choose the default account, you must maintain the associated setting on the Sync Tool. If the vendor name changes in QuickBooks the associated field on the Sync Tool must be updated.
If you want to use the default Sales Tax Payable account in QuickBooks when importing IIF files, please reach out to email@example.com.
NOTE: This article only applies to users utilizing a Lump Sync to QuickBooks Desktop via the CoreBridge Desktop Sync tool. Before making any changes, if you have questions regarding general accounting practices or QuickBooks, you should consult with your accountant before proceeding.
When you use the default sales tax payable account with Lump Sync, the selected tax vendor will be associated with the tax line item on a journal entry. Only a single vendor can be used. If you pay tax to multiple agencies/vendors, you may not want to use this option.
- Identify your default Sales Tax Payable G/L account in QuickBooks
- The default account can be confirmed if the Account Type is grayed out.
- Identify your tax vendor in QuickBooks.
- In CoreBridge, go to Accounting > Accounting Export > Account Setup.
- In the section titled My Accounting Software Accounts, edit and save the GL Code and Account Names for each relevant tax agency, matching to your Sales Tax Payable account in QuickBooks (identified in Step 1).
- Open the CoreBridge Desktop Sync tool and go to Settings > Settings.
- Enter your tax vendor (from Step 2) in the "Vendor Name To Use" field. Click Save & Validate Settings.
- The next CoreBridge Reconciliation you sync to QuickBooks that contains sales tax liability will utilize the account you mapped in Step 4. If you receive errors when you sync, double-check that you properly matched up the accounts in Step 4 and the vendor name in Step 6.