Tracking internet purchases to verify that I have paid applicable sales tax.

[Michael Wagner]

Thanks for all the help - I think that I have figured out what I need to do.

Create an "Unpaid internet sales tax" Liability Account.

When a I make purchase from a vendor that doesn't charge sales tax, 
compute the unpaid sales tax, and enter the following transaction.

Credit Liability:Unpaid Internet Sales Tax account, debit my 
Expenses:Taxes:Internet Sales Tax account.
Credit Liability:Mastercard account and debit the appropriate Expense 
account (for example, Expenses:Books)

When I make a purchase from a vendor does charge sales tax, enter a 
split transaction:

Credit Libility:Mastercard account  and debit my Expenses:Taxes:Internet 
Sales Tax account and the appropriate Expense account( for example, 
Expenses:Books).

This looks to be a pretty simple solution in keeping with the principles 
I have learned so far - as very much a neophyte - about double entry 
bookkeeping. This solution allows me to answer the question: "What is 
the total of my unpaid internet sales taxes?" It happens that in my 
state, if you don't (claim to) know the answer to that question, the 
states estimates that value.

All I really want to know is whether or not the state's estimated value 
is higher or lower than what I think I really owe.

Thanks to all for the help.

Mike

On 04/04/2015 05:30 PM, Jean-David Beyer wrote:
> What I do since my purchases from out of state are taxed is to use split
> transactions.
>
> Purchase Item	Amazon		Price
> Tax due		Tax NJNJ	Price * 0.07
> Liabilities	Amex				Price
> Liabilities	NJTax				Price * 0.07
>
>
>
>