How do I set up the opening balance for my Collected Sales Tax.


N

nlinecomputers

I just started using SBA 2007 in May. I pay state sales tax quarterly so I
need to carry over my sales tax that I collected before I began using SBA.

I see the Sales Tax adjustment tool but what account do I post the
adjustment to?

I'm tempted to create a one time liability account and post it to that.

If there was an opening balance wizard for sales tax I can't find it or it's
too late to use it after two months of invoices.

Please help. I've got to pay this by the 20th and I like my books to be
correct.

Thanks!
Nathan Williams
 
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M

Matthias Baer [MS]

For all other accounts that you set up with balances we use "Opening
Balances" as an offset account, so that might work for you here.

Matthias
 

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