identifying sales tax

[bri]

Charles M. Gajan <charlesgajan <at> earthlink.net> writes:
> How about:
> 	                 Debit    Credit
> 
> Asset:Checking                  $xxx.xx
> Expense:Groceries             $xxx.xx   	
> Expense:Taxes:Sales Tax  $    x.xx 


yeah, that's what i started with, but then my Expenses:Groceries total is wrong
- i didn't just spend $100 on groceries, I spent $108.25 (or whatever...) the
fact that some of it went to the govt doesn't matter to me - it was still spent
on groceries. And i don't get all of that back from the IRS, just a percentage...

.bri.

 
> 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.