Subtitles of the Movie

All businesses, no matter what size, will have to do some reporting for government agencies. One of the most important reporting agencies is for sales tax. Quicken will track the sales tax. Quicken will also give us a variety of business reports so that we can see our profitability, be able to look at missing checks and get the information that we need. When working with our sales tax, you will note that our tax accounts are automatically tracked. Now, remember, when I am actually in an invoice, and I'll go up on my Scroll Bar to get to the accounts receivable section, select an invoice and go directly into it. Every invoice that I work with allows me to assign a tax account. When I go to the pull-down, I can simply choose one of the accounts that are there or immediately go to New and set up a brand-new account. All I need to do is give the account a name, such as Nevada Tax, but in a description, a tax rate and then simply go ahead and say OK. Once I do, you will notice that the tax has been established. When I select the appropriate tax, you will see the amount change on the invoice right away. As soon as we set up this account, Quicken will now begin tracking all of the taxes collected to that agency. I'm going to Cancel, and yes, I am sure. I am going to return to the Business Center and you will now notice when I go down the screen that I have three tax agencies I'm collecting tax for. If I select Washington, you will notice that I have a register listing each invoice that has had sales tax collected against it. It tells me how much was collected and lets me know exactly what I need to pay to the appropriate agency. Notice on the top of the screen it tells me what tax agency I'm collecting the funds for. If I return to the Business Center, I have my recap. At this point I am able to go to the appropriate checking account and simply write a check out to the appropriate tax authority. Quicken makes it easy to see exactly how much I have collected for the agency and allows me to send them the check. Now, keep in mind, Quicken does not include any modules that will actually print our your sales tax return, nor does it do a comprehensive Sales Tax Liability Report. If you have a complicated tax structure and really need very in-depth reporting, you may wish to consider Quicken's sister program, QuickBooks. QuickBooks will give you a great deal of comprehensive reports when it comes to sales tax. However, for those of us in a service industry that are simply collecting sales tax and passing it along, Quicken is wonderful with its flexibility. Included with the reports are a variety of items that will really help us in tracking our business. You will notice at any given time I can do an Accounts Payable or Receivables Report, a Cash Flow Report and one of my personal favorites, a Missing Check Report. When I go to the Missing Check Report, it will allow me to see every check that I have written. The part that I am most fond of is the ability to see if checks are missing. Now, my report history is in the way. I'm going to click Hide Report List and you'll notice I simply see the report itself. At this point you can see that I can clearly tell what checks are missing. Now, notice; it's going to pull up all of my checking accounts, but I can simply hit the Minus Sign and it'll close each one of them off. I can now focus on just the account that I need to. I can also, of course, look at the date range and decide whether or not it's the current year. When I'm finished, of course I'll simply hit the X and it returns me to the rest of Quicken. If I go back up to the Reports Menu, back down again to Business, you'll notice that I have Payroll Reports, Project Reports, Profit and Loss and even my Schedule C and a Tax Schedule. It is worth your time to take a tour of the different reports that come into play. You'll find your favorites. Stick with them and use the flexibility of the reporting within Quicken.