Sales Tax Made Simple: Set Up, Collect & Pay Sales Tax in MyCloudBook

Learn how to set up, collect, and pay sales tax in MyCloudBook, step by step. In under 10 minutes you'll go from a brand-new company to a filed and paid sales tax return. In this tutorial, our example company Bright Bean Coffee collects a 6% state sales tax and a 1.5% county sales tax. You'll see how to: ✅ Create tax agencies and tax items, each with its own rate and effective date ✅ Combine taxes into a tax group (6% + 1.5% = 7.5%) so every sale is taxed with one click ✅ Give products a default tax so it fills in automatically on every invoice ✅ See each tax listed separately on your invoices and printed PDFs ✅ Handle a tax rate change: add the new rate with an effective date, and MyCloudBook applies the right rate based on each invoice's date ✅ Use the Sales Tax Center to see what you owe to each agency, month by month ✅ Run the Sales Tax Liability report (taxable sales and tax per agency) and export it to Excel ✅ Adjust the sales tax due, record a tax payment, and handle refunds ✅ Keep your tax settings tidy: rename or remove agencies, and retire taxes with Inactive ⏱️ CHAPTERS 0:00 Introduction 0:29 Part 1 - Set up your taxes 2:45 Part 2 - Charge tax on your sales 4:32 Part 3 - Handle tax rate changes 5:53 Part 4 - Review, adjust & pay your sales tax 8:49 Part 5 - Keep your tax settings tidy 9:32 Recap 💡 TIP: When a tax rate changes, don't create a new tax item. Just add the new rate with its effective date. Your past invoices, history, and reports stay accurate. 🌐 Try MyCloudBook: https://www.mycloudbook.com 👍 If this video helped, please like it and subscribe for more MyCloudBook tutorials. #MyCloudBook #SalesTax #AccountingSoftware #CloudAccounting