identifying sales tax

[Charles M. Gajan]

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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