Beginner questions

[John Edwards]

Bert,

Sales tax collected is not income, it's a liability.

If you sell something for $100 + 15% HST, the entry would be this:

Debit:  Assets:Cash* .... 115
  Credit: Revenue:Sales ........100
  Credit: Liability:HST owing ...15

*-this is whatever account you're using, probably your chequing account.

John

John Edwards
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-----Original Message-----
From: Bert de Haan <benchmarkhis at gmail.com>
Sender: gnucash-user-bounces at gnucash.org
Date: Fri, 7 Jan 2011 22:33:05 
To: <gnucash-user at gnucash.org>
Subject: Beginner questions

Hi all.  I just downloaded the program a few days ago and had a few
hours to play with it.  I am somewhat familiar with Quickbooks but
these programs aren't that similar.
I have two questions.
1. In the area directly below the icons "Save", "Close", "Open",
"Edit". "New", "Delete" is a list of tabs of all the things I have
done or accessed.  For instance, I tried entering an invoice a couple
of times.  Now I have three tabs "Edit invoice-44."  Can I get rid of
them or will they just get replaced with other actions?
2.  The tax I collect on a sale should get added to income and to
liabilities, correct?  How do I do that?
Right now I have it set up that the tax is entered as an expense but
that would not be correct for a sale, that would be for a purchase.
Can someone help me out?  Thanks a lot.

-- 
Bert de Haan
Benchmark Home Inspection Services
(519) 362-2455
464 Domville Street Arthur Ontario N0G 1A0
www.kitchenerwaterloohomeinspector.ca
100-Day Inspection Warranty
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