Good morning,
I have been hired by a ZohoBooks user to take on their bookkeeping and accounting. One of the things I need to correct is their Tax Liability (Tax Payable) on their Balance Sheet. For the last three years, they have been incorrectly recording their sales tax to an expense account instead of logging the payments through the Tax Payments module (lefthand side, under Accountant). I am VERY frustrated, as I cannot see a solution to this, and we need to fix it so the Balance Sheet shows the correct Tax Payable going forward.
- I am unable to record an adjusting journal to correctly credit the expense and debit the liability account.
- I am unable to make a bulk update, to move the expense into the liability account.
- I cannot "redo" each tax transaction (NOT the recommended action anyway), because the accounts and transactions have been reconciled, and there is no way to alter transactions that have been categorized, reconciled, etc without undoing every preceding reconciliation (another frustrating Zoho limitation)!
I have been unable to find a single post recording other users' experience with this situation - only documentation that would show someone how to pay Sales Tax correctly, using the Tax Payments/Adjustments modules (not helpful at all for correcting past issues).
HELP! Please. I REALLY want to "like" ZohoBooks, and add it to my list of recommended SAAS accounting options, but so far, it is a FAR inferior product to competitor SAAS providers like QBO and Xero.