Paying Sales Tax

[Maf. King]

On Sat 17 January 15 21:45:49 Fast Radio wrote:
> How do I pay sales tax.I have a proper register for sales tax, but can not
> figure out how to pay January 01, 2014 to December 31, 2014 sales tax and
> have the sales tax register record the paid poriton. Thank  you,
> Jack Halem

Hi Jack,

Here in the UK, I charge VAT on my business invoices, and pay VAT to others 
when I buy things.

Every so often, the gubberment want their share.

I have a liability account for VAT collected and an asset account for VAT 
paid.

Collected - Paid = what to pay.

I end up with a split transaction involving BankChecking, Collected and Paid 
to make that equation fit into GC, reducing the balances of all 3 accounts.  
Bank goes down 'cos I pay money over to The Man!

Does that help at all - I understand that your local system may be different 
to the UK....

HTH,
Maf.