identifying sales tax
Charles M. Gajan
charlesgajan at earthlink.net
Thu May 12 13:30:20 EDT 2005
How about:
Debit Credit
Asset:Checking $xxx.xx
Expense:Groceries $xxx.xx
Expense:Taxes:Sales Tax $ x.xx
On Thu, 2005-05-12 at 09:53 -0700, Andrew Sackville-West wrote:
>
> bri wrote:
> > how are people handling sales tax? now that the IRS allows us to deduct
> > sales tax on items purchased, i want to keep track of it. my first take
> > was to do a split - $x to the actual expense category, then the $x that
> > was the sales tax from the receipt. that would work great, but then i
> > got to thinking... that means that my totals in the expense categories
> > are 'wrong'. not that i'm overly anal about whether i spent $100 on
> > something or $108.25 but.... it would add up and does create an
> > inconsistency.
> >
> > so is there another way to do it? i looked briefly but couldn't tell -
> > can i do a report (i know.. i can probably write my own.. :-) that pulls
> > out all transactions/splits that have 'sales tax' in the description?
> > that way, i could still do a split, 1 w/ the sales tax amount and the
> > other with the rest of the price, both going to the expense category,
> > but the sales tax would be identified so that i could run a report at
> > the end of the year that would add it all up.
> >
> > thoughts? has anyone else solved this?
>
> I think you could do a couple things.
>
> 1. just adjust all your budget amounts down bythe sales tax... then the
> $100 would line up withour budgets properly.
>
> 2. you could put a "tax" sub-account under every account then you could
> report with or without the tax as youlike.
>
> 3, or this wacky one. create both an income and an expense account
> called "Sales tax". then enter your transaction like this (assuming a check)
> credit debit
> Groceries 108.25
> checking 108.25
> sales tax in 8.25
> sales tax out 8.25
>
> that way you record 108.25 for grceries expense and 8.25 for sales tax
> expense, but you offset with the income expense. Your net balances, but
> it could screw with other reports that don;t include the income side.
>
> my .02, good luck.
>
> A
> >
> > thx.bri.
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