How to record sales tax

[Michael Leone]

I never record the payment of sales tax separetely from the purchase.
At most, all it can do is make you angry or depressed at how much
taxes you have to pay.

I suppose if you were to be reimbursed for taxes paid, then you'd want
to separete it.


On 10/5/09, Carl Flippin <carlf at photocarl.org> wrote:
> I understand that, when selling, one must keep sales tax in a seperate
> account to make paying sales tax easier. In the case of purchases,
> however, is it better to just include the sales tax as a part of the
> expense or should I have a seperate sales tax expense account?
>
> In case it is not clear, I am a noob to accounting in general. Is
> there a good book to learn best practices for accounting in personal
> finances?
>
> Thanks,
> Carl Flippin
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Michael J. Leone, <mailto:turgon at mike-leone.com>

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