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For questions relating to taxes collected on the sale of goods and services. In most cases, a country, region, or state/province tag should be included as well.
2
votes
1
answer
244
views
Can I skip Sales Tax Payable and just transfer directly to dedicated bank account?
I am trying to account for sales tax. I just totalled up a Quarter of sales tax and normally, I would create an entry like:
Debit "Business Income Checking Account" (true checking account)
Credit …
2
votes
2
answers
143
views
Accounts Receivable included in Gross Sales?
I am trying to determine my sales tax.
In a given quarter, let's say I close a deal for $2000 and collect $500 as a deposit. Which number is considered in my "Gross Sales", the $2000 or the $500? I …
9
votes
3
answers
1k
views
Is there a dollar amount that, when adding Massachusetts Sales Tax, precisely equals $200?
I am confused about calculating Massachusetts Sales Tax (6.25%). Is there such an amount, that when added to its sales tax, equals $200?
The reason I ask is because my business has been charging $20 …
0
votes
1
answer
315
views
Sales taxed amount in Accounts Receivable?
When I enter a new invoice for a client, for example $1062.50 ($1000 + MA sales tax) do BOTH Accounts Receivable AND Sales Tax Payable go up by the following?
Accounts Receivable +1062.50
Sales Tax P …
0
votes
1
answer
895
views
How do I deduct from Sales Tax Payable in Quickbooks?
(This question could probably use a better title)
My current process for paying sales tax works as follows:
I collect payments against invoices from clients throughout the month
As I collect these …