a Little help with EU Tax setup please

[Mark Seeba]

What we did was setup our tax accounts as liability accounts. When we receive the funds from a customer, we credit the appropriate liability account (it becomes a liability to us).

When we pay at the end of the month or quarter we offset liability account with either an asset debit (by writing a check) or another liability account by charging to the company credit card.

We never show customer paid taxes as an asset.



Mark Seeba
Streamwrite
Latest News: http://streamwrite.com/blog/
Direct: 510-923-9210
Fax: 510-420-4970
Service Desk: 800.333.8394 (Option 4)
www.streamwrite.com

This email message contains confidential information. If you are not the intended recipient, please delete this message immediately.

________________________________________
From: gnucash-user <gnucash-user-bounces+mseeba=streamwrite.com at gnucash.org> on behalf of benny <benoitrivaux at gmail.com>
Sent: Thursday, February 11, 2016 2:08 PM
To: gnucash-user at gnucash.org
Subject: a Little help with EU Tax setup please

Hello everyone,

First of all, well done to the programmers of GNUCash, I downloaded it
tonight and was really surprised on how pretty it looks.

Tonight I am trying to setup my EU tax rates but struggle a little bit.

In the new account tab I would like to set my types of output and input VAT
but I am not sure how to set them properly.

Could someone tell me what are the top accounts types please, is input vat
an asset? and output vat a liability?

VAT
--INPUT
Purchases
-IC Purchase



--OUTPUT
Sales
-IC Sales

Thank you,

Ben





--
View this message in context: http://gnucash.1415818.n4.nabble.com/a-Little-help-with-EU-Tax-setup-please-tp4683277.html
Sent from the GnuCash - User mailing list archive at Nabble.com.
_______________________________________________
gnucash-user mailing list
gnucash-user at gnucash.org
https://lists.gnucash.org/mailman/listinfo/gnucash-user
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.