how do i record the early tax payment discount in Quickbooks?

Answer 1

If you were coding the entire check to Sales Tax Payable account then you need to do a Journal Entry debiting- Sales Tax Payable and Crediting- Misc. or Other Income.

Answer 2

I use an "Other Income" account for sales tax discounts.

Currently it is the only thing that goes in the Other Income account for me......that and sales tax "rounding error".

Answer 3

If your recorded the full tax bill when you received it, you need to subtract it from the same account.