[GNC] Recording Tax Correctly

Michael or Penny Novack stepbystepfarm at comcast.net
Sun Aug 16 10:05:19 EDT 2020


PS: Yes, as Christopher notes, could place VAT paid as an asset (which 
it properly is). I was following the set up you were describing instead, 
placing VAT paid as a contra account. Also sensible, as under normal 
conditions, the parent VAT is going to have a net credit balance << your 
business would  be selling more than it pays or you would be operating 
at a loss* >>

Michael D Novack


* However that COULD be normal, and even profitable << not for the 
business itself, but operating/controlling the business might have "side 
effects" that were profitable >>



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