Advice: Recording sales tax

[jdebert]

Stewart V. Wright wrote:
> Hi,
> 
> I was wondering if people could tell me how they enter a split
> transaction when sales tax is added at the end of the transaction.

[snip]

> 
> Simply adding the tax to Expenses:Tax doesn't really work as if I
> purchase something (and don't get a receipt) I only know the total I
> paid for it and thus enter the whole amount in the appropriate
> account...
> 


I found college algebra useful for this problem. :)

(It's also interesting what comes out when applying
vector analysis.) :) :)

But I found it easier to ask for a receipt every time or record my own 
when one is not available.

> Do people just split the tax between the various goods?  i.e. Enter
> the Floor Mats price as 16.84*15.68/(15.68+0.94) ???
> 
> 

Many do. It's easier but it mystifies people when they purchase 
something out of the area "at the same price" and wonder why it costs 
more or less than if it were bought near home. Of course, that's often 
due to different state and local tax rates.

It does not work well when buying petrol though, since all the various 
and variable taxes are included in the price.

And waitres--i mean, wait-persons often too busy and harried to itemize 
receipts.

I like to find out how much in taxes I am paying so I account for taxes 
separately.

I am told by the Liberals I pay 76% in direct taxes. Ha! They wish! My 
direct tax costs are now 58%. But it was higher when the Liberals were 
in power.

=-=