Tech Tip Keeping Track of Sales for Easy Sales Tax Reporting

Tech Tip

Keeping Track of Sales for Easy Sales Tax Reporting

Sales tax advertisement can be a continued and annoying process⎯or you can do it at the bang of

a mouse! The abstruse is to advance your accounting software to accomplish the

information you charge for your address to your bounded sales tax authority.

In adjustment to accomplish the adapted information, you will accept to anticipate in agreement of sales tax

reporting back you set up your blueprint of accounts. This agency that acquirement accounts

will charge to be disconnected not alone by the types of articles and casework you sell, but

also according to their account to sales tax advertisement responsibility.

Example: If you are in the business of affairs two taxable articles and your state

requires sales advice on taxable sales, out-of-state sales, sales to resellers, and

sales tax payable, your blueprint of acquirement accounts could be set up as follows:

Taxable Sales Out-of State Sales Reseller Sales

Product #1 Product #1 Product #1

Product #2 Product #2 Product #2

When sales acquirement deposits are made, they are “split” deposits and revenues are

allocated amid the adapted accounts. Sales tax amounts will be automatically

calculated on the taxable sales.

The Benefit: At any accustomed time, you will be able to accomplish a address that will give

you the numbers you charge for your state’s sales tax report.