How to See Sales Tax Collected on Square
Sales tax is an essential aspect of running a business, especially if you operate in a state where sales tax is required. For businesses using Square as their point-of-sale (POS) system, it’s crucial to understand how to see sales tax collected. This article will guide you through the process of viewing sales tax collected on Square, ensuring you stay compliant and maintain accurate financial records.
Understanding Sales Tax on Square
Before diving into the specifics of how to view sales tax collected on Square, it’s important to have a basic understanding of how sales tax works within the platform. Square allows you to collect sales tax from customers at the time of purchase, and the collected tax is then reported and paid to the appropriate tax authorities.
To enable sales tax collection on Square, you must first register for a sales tax permit in the states where you collect tax. Once you have a permit, you can set up your sales tax rates and apply them to your products and services.
Viewing Sales Tax Collected on Square
Now that you have a grasp of how sales tax works on Square, let’s discuss how to view the sales tax collected on your account.
1. Log in to your Square Dashboard: Access your Square account by visiting the Square website and logging in with your credentials.
2. Navigate to the Sales Tax section: Once logged in, click on the “Sales Tax” tab located on the left-hand side of the dashboard.
3. Review your sales tax summary: The sales tax summary page will display a breakdown of your sales tax collected over a specified time period. You can filter the data by date range, location, or other criteria to find the information you need.
4. Export the sales tax report: If you require a detailed report of your sales tax collected, you can export the data to a CSV file by clicking the “Export” button on the sales tax summary page.
5. Access individual transaction details: To view the sales tax collected on specific transactions, click on the “Transactions” tab under the sales tax section. This will display a list of all transactions, including the sales tax collected for each transaction.
Understanding Sales Tax Reports
It’s important to understand the information provided in your sales tax reports. Here are some key elements to pay attention to:
– Gross Sales: The total amount of sales made during the specified time period.
– Taxable Sales: The amount of sales subject to sales tax.
– Tax Collected: The total amount of sales tax collected from customers.
– Refunds: The total amount of sales tax refunded to customers.
– Net Taxable Sales: The taxable sales amount after refunds.
By regularly reviewing your sales tax reports, you can ensure that you are collecting and reporting the correct amount of sales tax and stay compliant with tax regulations.
Stay Compliant and Organized
Staying compliant with sales tax regulations is crucial for any business. By understanding how to see sales tax collected on Square and regularly reviewing your reports, you can maintain accurate financial records and ensure that you are meeting all tax obligations.
Remember to keep your sales tax permit up to date and inform Square of any changes in your tax rates or jurisdictions. Additionally, consider using Square’s integrated tax features to streamline your sales tax collection and reporting process.
In conclusion, viewing sales tax collected on Square is a straightforward process that can help you stay compliant and maintain accurate financial records. By understanding how to navigate your Square Dashboard and review your sales tax reports, you can ensure that your business is meeting all tax requirements.
