Tracking internet purchases to verify that I have paid applicable sales tax.
paula hendricks
ph_calif at yahoo.com
Mon Apr 6 11:08:31 EDT 2015
as an added complicating thought: are all unpaid taxes really unpaid? some items might not need to be taxed. for example, in CA food and some services don't get taxed. so you don't want to set yourself up to pay more than you need to.
just a thought.
ph
From: Michael Wagner <mikepwagner at gmail.com>
To: gnucash-user at gnucash.org
Sent: Sunday, April 5, 2015 8:23 PM
Subject: Re: Re: Tracking internet purchases to verify that I have paid applicable sales tax.
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
>
>
>
>
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