I recently noticed that I might have sales tax configured incorrectly
for my income statement.
I record my sales tax as a liability account until we pay it.
Receivables = Tax
Payables = Expense/Asset
Tracking Items = Tax (maybe this should be income?)
Non-Tracking Items = Tax (do I even need this checked?)
Thoughts? What does everyone else do?
Jeff
--
Jeff Kaminsky
Sr. Accountant
IX Systems
408-943-4100 ext 122
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