Other Accounting

Tax Payments

• 1. Unemployment Tax

     1. Scan change docs from states

     2. email to IOI contact: taxclient@IOIPay.com

  2. Semi-monthly and Monthly

     1. State, Fed taxes filed and paid by IOI

  3. Quarter-end

     1. State, Fed taxes filed and paid by IOI

     2. KS Sales tax must be filed by 25th of following month (QB)

        1. Click Manage Sales Tax

        2. Sales Tax Liability report (for previous Quarter)

        3. Get Taxable Sales, Tax Collected by Tax Rate

     3. Log in to KS DOR File Sales Tax Online

        1. Click Account Management, then Sales Tax Account, File a Sales Tax Return

        2. Click File Quarterly Return

        3. Select Quarter and Year; Original Return; Remember Prior Period

        4. Enter for existing jurisdications (check Tax Rate), Add new if needed;

        5. Continue past Deductions and Summary to payment screen

        6. Select Due Date or enter if not shown; use existing bank account; continue

        7. Review and submit return

     4. Quickbooks (Manage Sales Tax)

        1. Click Pay Sales Tax

        2. Check current KS amounts (not MO or previous balances); click ADJUST if different from DOR calculation on return

        3. Enter amount of adjustment and Adjustment Account; OK

        4. Click Print checkbox and OK to create check.

  4. Year End

     1. W-2, W-3 forms mailed to our office by IOI

     2. W-2 forms are filed with KS, MO and US Treasury by IOI electronically.

     3. MO Sales tax must be paid by 25th of following month

QB ONLINE Refund Procedures

https://community.intuit.com/articles/1145640-applying-a-credit-memo-credit-or-refund-for-a-customer

Applying a credit memo, credit or refund for a customer

Credit memos, credits and refunds can be confusing, so we've provided information that will help explain the differences and how to apply them. Sometimes, a user enters the wrong type of transaction. If that is the case, you may need to delete the transaction and re-enter appropriately.

What's the difference between a credit memo, credit or refund?

Entering and applying a Credit memo?

Entering and applying a Credit?

Entering and applying a Refund?

If I entered a credit memo and would like to enter it in as a refund or vice versa, can I?

Note: If you create a credit memo and want to issue a refund instead or vice versa you will need to delete the transaction and recreate it.

How do I locate the credit memo or refund and delete it so that I may re-enter correctly?

What's the difference between a credit memo, credit and a refund?

A credit memo is a posting transaction which can be applied to a customer's invoice as a payment or reduction.

A delayed credit is a non-posting transaction that you can include later on a customer's invoice.

A refund is a posting transaction which is used when reimbursing a customer money.

This means that:

• • Credit memos are used to offset an existing customer balance.

  • Delayed Credits can be included only on an invoice.

  • Delayed Credits don't affect a customer balance until they are included on a saved invoice.

  • Refunds are used to show money given back to a customer to refund for services the customer is not happy with, to offset a credit balance, merchandise or service not received, or an overpayment.

Entering a credit memo will affect your customer's balance, but will not affect a customer's invoice until it is manually applied.

• 1. Select the Plus icon (+) at the top > Credit Memo. (If you don't see this, click show more.)

  2. Fill out all required fields

  3. Click Save and new or Save and close.

Applying the Credit Memo to an invoice:

• 1. Select the Plus icon (+) at the top > Receive Payment.

  2. Complete these fields as follows:

     • Customer: From the drop-down list select the customer the credit memo is for.

     • Date: Change if necessary.

     • Amount received: Payment Method: and Reference no.: fields are to be left blank.

     • Memo: (Optional)

     • Deposit To: Leave blank since money isn't actually being deposited with this transaction.

  3. Select the Invoice that you want to apply the Credit Memo against.

  4. Select the Credit Memo that you are wanting to apply to the invoice

  5. Verify that the total to pay (if any) is correct after applying the Credit Memo then click Save.

Entering a delayed credit will allow you to apply it as a line item on your customer's next invoice.

• 1. Select the Plus icon (+) at the top > Delayed Credit.

  2. Complete all fields

  3. Click Save and new or Save and close. .

Applying the Delayed Credit to an invoice:

• 1. Select the Plus icon (+) at the top > Invoice.

  2. On the Customer: drop down list and select the desired customer.

  3. Complete fields on invoice.

  4. Under the Unbilled charges and credits or Unbilled charges, credits, expenses and time, Add to Invoice section, click on Add or the (+) next to Charges/Credits to add to the invoice; Open will allow you to view more details about the credits.

  5. Click in the box next to the Credit that you want to apply.

  6. Once invoice is complete click Save.

Note: If after choosing give refund or credit, you do not see the sections:

"Create credit memo to give to the customer" or "Enter a credit to appear on the customer's next invoice," then you will need to turn on the preference for delayed charges:

• 1. Select the Plus icon (+) at the top > Delayed Charge.

  2. Check the box for the Delayed Charges feature and fill out necessary fields.

  3. Select Save and new or Save and close.

Refunds given depending on the situation may or may not affect your customer's balance.

• 1. Select the Plus icon (+) at the top > Refund Receipt.

  2. Fill out all necessary fields .

  3. Complete steps depending on the type of refund you chose:

     • Type 1: Refund for goods or services that didn't satisfy the customer. (Does not affect customer balance - accounts receivable (a/r), only the bank balance)

     • Example: A customer already paid for an item, and is returning it for a full or partial refund.

       1. This option will provide a Refund Receipt to record reimbursements to customers via cash, check/cheque, or credit card. ( Select the product/service you are refunding, and the dollar amount of the refund.)

     • Type 2: Pay the customer their outstanding credit balance. (Affects customer balance - a/r)

     • Example: A customer has store credit, that they would like to have it paid out/redeemed for cash.

       1. This option will allow you to provide your customer a refund check/cheque in order to offset any open credits they would like paid out.

     • Type 3: Refund for a prepaid order the customer hasn't received. (Affects customer balance - a/r)

     • Example: A customer prepaid an order which has been cancelled, and you need to refund the payment.

       1. This option is used when a client makes a down payment or prepayment and cancels the order before receiving the goods or services and no invoice or sales receipt was created. The option will lead you directly to entering in a check/cheque.

       2. 
          

     • Type 4: Refund the customer for paying you to much. (Affects customer balance - a/r)

     • Example: A customer over-paid on an invoice, and you need to return the excess money.

       1. This option will allow you to provide a refund when a customer overpays and you want to give the customer money back (cash or a check/cheque) for the amount overpaid.

       2. You may either use the Check/Cheque or Expense screen found under the Plus Sign Icon, to record the refund.

  4. If Types 2, 3 or 4 were used:

     • Make sure to select accounts receivable for the account at the bottom left of the Check/Cheque or Expense screen, choose the customers name then the dollar amount of the refund.

     • ( Why do we use an expense transaction? - We need a transaction that will both reduce our bank balance(credit) and increase A/R (debit). Expenses are the easiest way to do this in the product.)

     • After saving the expense, we need to pair it with the credit or overpayment that we are refunding.

     • To do so:

       1. Go to the Plus Sign (+) and click Receive Payment. If you don't see that, click Show More.

       2. Complete the fields as follows:

          • Customer: From the drop-down list select the customer the refund is for.

          • Date: Change if necessary.

          • Amount:, Pymt Method: and Ref#: fields are to be left blank.

          • Memo: (Optional)

          • Deposit To: Leave blank since money isn't actually being deposited with this transaction.

       3. On the left under Credits, click on the plus sign (+) next to Total Credits; this will allow you to view more details about the credits.

       4. Make sure the Credit or Unapplied Payment you want the check/cheque or cash entry linked to is checked and ensure that the amount is correct. ( check the boxes next to the refund or the customer credit)

       5. Note: to check if the credit matches the expense exactly, the receive payment will total $0

       6. Click Save.

If you create a credit memo and want to issue a refund instead or vice versa you will need to delete the transaction and recreate it.

• 1. Locate the credit memo or refund.

     1. Select Sales or Invoicing from the left menu.

     2. Select Customers at the top.

     3. Click on the customer's name.

     4. Under Transactions, set Show to All transactions.

     5. Double-click on the credit memo or refund.

  2. On the bottom under More click on the Delete button.

Once the credit memo or refund is deleted you will want to enter in the intended refund or credit memo.

Vendor Credits

To apply a credit to a bill you would need to first create the credit in QuickBooks by following these steps.

1. From the Vendor menu, select Enter Bills.

2. Select the Credit radio button to account for the return of goods.

3. Enter the Vendor name.

4. Select the Expenses tab and enter the Accounts on the original bill.

5. In the Amount column, enter the appropriate amount for each Account (the amounts may have to be prorated).

6. Select Save and Close.

Currently the only way to apply these credits to a vendor is by using the Pay Bills page and applying the set credits. You can do that by following these steps.

1. From the Vendor menu, select Pay Bills.

2. Check the Deposit that matches the Vendor cheque amount.

3. Select Set Credits and apply the Bill Credit you created earlier then select Done.

4. Select Pay Selected Bills, then select Done.

https://quickbooks.intuit.com/learn-support/en-ca/expenses-suppliers/vendor-credits/00/591367