Tracking Sales Tax Paid (California)


G

Gary

How (or even should) I be tracking the amount of sales tax I pay when I buy
supplies for my California business? When I enter a transaction tracked
under a single expense account, I enter the entire amount of the receipt.
When I enter a transaction and split it among multiple expense accounts, I
assign the sales tax to the final expense account. Should I be assigning
tax proportionally to each account? Should I be creating a new account
(Sales Tax Paid?) to assign it to? Should I always be inputting
transactions as splits (i.e. $100 for file cabinet and $7.75 for sales tax)?

These are items I use to manufacture signs that we rent out, office
supplies, and computer equipment, not wholesale items that we turn around
and resell. We're a sole proprietorship, if that matters any.

Thanks for any ideas!

Gary
storkoccasions.com
 
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J

Jack

No reason to do that just include it in the total amount you expense or
capitalize.
How (or even should) I be tracking the amount of sales tax I pay when I buy
supplies for my California business? When I enter a transaction tracked
under a single expense account, I enter the entire amount of the receipt.
When I enter a transaction and split it among multiple expense accounts, I
assign the sales tax to the final expense account. Should I be assigning
tax proportionally to each account? Should I be creating a new account
(Sales Tax Paid?) to assign it to? Should I always be inputting
transactions as splits (i.e. $100 for file cabinet and $7.75 for sales tax)?

These are items I use to manufacture signs that we rent out, office
supplies, and computer equipment, not wholesale items that we turn around
and resell. We're a sole proprietorship, if that matters any.

Thanks for any ideas!

Gary
storkoccasions.com
--
Affordable Support Services ..
No waiting for help.

660-949-2416
Northeastern Missouri
 

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