Sales Tax Account Setup

[Beth Leonard]

On Thu, Jan 31, 2008 at 01:10:59PM -0800, UrrrGrrr wrote:
> 
> Hi. I'm trying to set up accounts for collecting sales tax.
> 
> One account goes into Liabilities, Accounts Payable, Sales Tax. Where does
> the second account go?

When I make a sale (say for $20 + $1.65 sales tax + $5 shipping) it's
a split like this

Assets:Bank Account			$26.65
Income:Sales:Taxable				$20
Liabilities:Accounts Payable:Sales Tax		$1.65
Income:Shipping					$5

When I pay the taxes at the end of the accounting period,
it's a transfer from Assets:Bank Account to
Liabiities:Accounts Payable:Sales Tax

--Beth 
Beth Leonard
http://www.LeonardFamilyVideos.com