QuickBooks 2011 – New Balance Sheet by Class Report – Part 5

QuickBooks 2011 – New Balance Sheet by Class Report – Part 5

When you create a Sales Tax Liability check, the amount will appear in the Unclassified column of the Balance Sheet by Class Report in both cash and accrual based reports.

The reason that your Sales Tax liability payment is not accurately allocated is because there is not a Class column available in the Sales Tax check form.

In order to resolve this problem, you will need to create a journal entry to move the sales tax payment amount from unclassified to the correct class.

Click the link above to read the entire article; complete with instructions for creating the Journal Entry.