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Posted by Allan Martin on November 24, 2007, 1:54 pm
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>
>> In the state of Maine, like many others I'm sure, I am required to submit
>> a use tax to the state on any purchase I make that I do not resell and
>> did not pay sales tax on. This generally included items I remove from
>> inventory for personal use or use around the shop and non-inventory items
>> purchased from wholesale vendors that do not charge sales tax. Is there
>> an easy way to track these purchases in QB Pro 2003. I am currently
>> keeping a seperate spreadsheet file of these expenses/purchases to use
>> when I file my tax return with the state.
>
> I suppose you could enter the use tax on the check or bill when you first
> enter it which debits Use Tax Expense and Credits Use Tax Payable for the
> amount due.
Jo the above is quite practical. Because the user can identify the exact
type of expenditure that applies to the use tax, charging that expense or
asset with the amount of the tax would be a better choice than "use tax
expense".
You could expand on that practice if State/County/City taxes
> are involved my using sub-accounts for each on the Use Tax Payable
> credits. This will not change the check or bill amount because the debits
> and credits will equal zero and will give to a list of the use tax by
> check or by vendor bill at year-end.
>
> What I do at the end of the year is go through the A-Z paid bills and
> create an Excel worksheet then.
>
> Can't wait to hear other ideas on this topic. Neither of my solutions is
> very practical.
>
> --
> Sincerely,
> Joanne
>
> If it's right for you, then it's right, . . . . . for you!!!
>
> http://www.jobird.com
> Wonders of Western Washington Video collection:
> http://www.jobird.com/private/wondersindex.htm
>
>
>
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