"Tax included" and Your Books

[nikki2018]

I just got Quickbooks and I am intergrating my orders into the program. Anyway my questions is on items that are "tax included" how do ya'll backout the tax of the set price (Say $25) and get your books to come out even... I hope I explained this right...

I am typing in say $25 and it adds tax but the $25 includes the tax and I dont how to get the program to recongnize this.

Is there a way to set this up?

Any help would great!

-Nikki

[brad]

25 / 1.0825 for an 8.25% sales tax

[nikki2018]

i've got the sales tax formula down... what i was wondering is how you (if i can) set up items that include tax, so quickbooks will back out the tax later

[PeteQ]

As far as I know QB won't "back out" the tax. You have to do that manually. I send all my quotes as $$$ + tax. Why lose the 8+% IMO?

[nikki2018]

OK thanks, thats what i needed to know.... i guess for my event prices (Proms, etc.) i'll just do it manually for my bookkeeping

[LadyShutterBug]

it won't back out hte tax. you have to do the math before you enter the amounts.



welcome to another reason i dislike quickbooks, blah. it seems with a program like this, it should really be able to do the math for you.

[pix-shooter]

In your item list, create a new item. Name it "X without tax" (X=product) and then set it's detail to not add tax.

[brad]

Except that won't withhold tax on your books.

[CaptainTom]

Brad's right. As far as I know, Quickbooks can't back out the tax. It shouldn't be hard to develop a table with all your possible package pricing and have it show what the backed out pricing would be.

$25 = 23.09
etc.

[nikki2018]

thanks everyone!

[bondarnes]

None of the other programs that I have seen back the tax out. Maybe some of the high dollar ones will do it??? It only takes a few seconds to do it. I don't do it on individual items. I just put in prom packages and a dollar amount. Even then it is sometimes a penny off. I just add a $.01 handling charge.