Sales Tax
Fast Radio
fastradio at yahoo.com
Mon Mar 24 17:31:18 EDT 2014
I did make a vendor Borad of Equalization and paid the tax it worked. I did this action in my "practice" company. I always use a "practice/test" company whenever I attempt new things.
I feel cerain this is the only way to have the sales tax liability properly paid
The book for small business doesn't show how to pay - however there is an accounting posting on youtube and I will see if he has a suggestion.
Jack Halem
On Monday, March 24, 2014 1:29 PM, Derek Atkins <warlord at MIT.EDU> wrote:
Fast Radio <fastradio at yahoo.com> writes:
> I now need to collect sales Tax.
> I have successfully made the sales tax liability account.
> When I make the Invoice showing the sales tax on the order - the exact
> amount does show up in my liability.
>
> I can't figure out how to pay.
> When I pay via my checking account the checking account is fine and
> the liability is removed as I paid the liability in full.
> However a red (negative) balance then appears in my accounts payable account.
Umm... How are you actually "paying" the liability? It should just be a
regular transaction from Bank -> Liability:Taxes Due. I'm not sure why
your A/P is going red (negative), unless you're somehow using a "Process
Payment" -- which you shouldn't be doing.
> Should I make the tax agency also a vendor and enter the liability and
> pay the liability that way?
Probably not.
> Jack H.
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-derek
--
Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
Member, MIT Student Information Processing Board (SIPB)
URL: http://web.mit.edu/warlord/ PP-ASEL-IA N1NWH
warlord at MIT.EDU PGP key available
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