Preparing or filing a tax is not an easy job, and it can prove to be nerve-racking. It becomes confusing, especially at the end moment, when you are still unable to figure out the ways to put together all invoices, bills, and receipts.
Moreover, you will also need to summarize your profit & loss statements of the financial year in the process. QuickBooks allows its users to use the accountant and tax reports to identify their financial and accounting activity throughout the year. The essential reports for tax filing are given below:
QuickBooks company and financial reports:
The QuickBooks accounting software can be put to use to track the financial position of the company by using the company and financial reports. It can prove to be helpful during the tax season. QuickBooks services allow you to opt for:
- Profit & loss reports: QuickBooks’ profit and loss report makes the tax filing process simple, as it gives you an overview of the profitability of the business over a specified time frame. Additionally, you can determine your revenues and expenses, as it also contains a detailed list of all the transactions over the selected period. The most significant benefit is that it allows you to compare the expenses and income to the prior year during the same period.
- Income & expenses report: If you want to track down your gross profit or loss, or income or expense, over a particular period, it will provide an efficient tax filing experience, as it consists of the customer and vendor summary that will help you to track down your, each customer and vendor’s gross profit as well as total expense respectively. Moreover, if you select the “Detailed Report,” you will get the biggest source of income and expense all at once, as it enables you to track the transactions of each vendor.
QuickBooks sales reports:
The tax filing’s major part consists of the bills and sales processes. The QuickBooks sales reports provide you better insights into the invoices, sales by representatives, and sales by customers.
You can run the sales by vendors and sales by customers reports if you want to review the tax payable for sales generated in the fiscal year as QuickBooks maintains a correct track of the products sold and purchased. It will help you to calculate, remit, and monitor the due sales tax.
You Can also use Some kind of Software for automation and complete the process smoothly. We recommend best Field service management software
QuickBooks vendors and payables reports:
The QuickBooks vendors and payables reports give you a summary of your collected sales tax during the period & amount of money your business be in debt your tax agencies.
- Sales tax liability reports: This particular report showcases the total sales tax balance that your business enterprise owes, like tax rate, sales tax payable, collected tax, and total taxable or non-taxable sales.
- Sales tax revenue reports: It is a summary of the sales tax that you have paid during the selected time frame from the taxable sales.
- Sales summary reports: This report contains the tax amount summary that has been charged to each customer along with location, taxable amount, customer name, TIN No, and much more.
QuickBooks employee and payroll report:
For human resources, reports play a vital role when it comes to tracking and verifying expenses. QuickBooks employee and payroll reports can be used to gather the cross-check financial data, payroll details, tax filings, employee leaves, and vacations of the company.
- Payroll tax liability report: This report consists of all the payroll taxes due and paid for employees of the individual employees of the company. It summarizes everything that needs to be paid for all the employees and which has been already paid.
- Payroll tax payment report: For better tax filing, this report shows you all the payroll tax payments for the selected course of time.
- Payroll tax and wage summary report: It shows the taxable wages of your employee and the withheld taxes from those particular wages. It lets you find the information subject to federal, local, or state withholding.
- Workers Compensation: It provides the rate of compensation that is to be paid to every eligible employee of the company.
- Total payroll cost report: This report calculates all costs related to the payments of your employees, like total, gross, and net pay and taxes.
- Retirement plan report: It shows the total calculations that are made by the employees and company towards their retirement plan.
QuickBooks budgets and forecasts report:
The budget reports will display the budgeted expenses and revenues for the fiscal year. On the other hand, the forecasts overview report will help you in the prediction of your future business cash flow and revenue.
QuickBooks service tax report:
QuickBooks gives you a platform to create and record different service tax reports. Some of them are given below:
- Service tax abatement report: It consists of a list of transactions on which abatement is calculated. It displays the exact amount and percentage that has been calculated.
- Service tax reverse charge: It displays all the transactions for which reverse tax has been calculated in service tax. It displays the amount and percentage of the taxable amount.
With the reports of QuickBooks, you can utilize all of your company data. These data can be exported easily into spreadsheets like excel relatively easier. QuickBooks Pay Stub Template offers you to track all your data for the process of tax filing. These reports can be customized or created at your convenience.