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To do this, you first select the “Tax Line Mapping” menu in QuickBooks. Assigning the expense account to a tax lien Different drop-down menus are available to allow you to enter and sort the information relevant to the expense account you just created.

In that case, you can mention the name of the utility or the service provider, your unique customer number, and any specific dates such as the billing dates.

For example, suppose you just created an expense account related to a particular utility. Once you complete the creation of the expense account, you’ll be able to record information relevant to your account. After checking the appropriate box, you can click on the button labeled “Patent Account.” With this, you will have created the expense account that you will later assign to the tax line.Īdd additional information to the account You’ll then give the option to make this account either a sub-account or the main narrative. Choose the “Expense” account option and then click on the button labeled “Continue.” You’ll prompt to enter the name that You will use to identify your new account. You will now open a menu where you can choose between multiple account types. To do so, first, open the menu called “Chart of Accounts” and then click on the button labeled “Account.” After that, click on the “New” button. In QuickBooks, if you want an expense account to assign to a tax line, you will have to create a new account. Similarly, when you need to report financial information on a tax return, you must create an account to collect and report the required data.Īccount creation: How to create a new account? Coming across a situation when you’d like to investigate the information regarding a line item in QuickBooks, you will have to set up a separate account for that line item. In QuickBooks, accounts can list into different categories according to their nature, i.e., assets, liabilities, income, and expenses.

QuickBooks is accounting software that allows you to manage and organize a wide range of accounting activities such as bookkeeping, creating financial statements, and much more.