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Posted by Paul Thomas, CPA on January 7, 2008, 8:02 am
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> Each month I submit a sales tax due report to the state (TX). But also I
> print out a list of items purchased that I was not
> charged tax on and figure the tax due and add to the report.
> My business is promotional items, screen printing, enbroidery,
> etc. When I order self promotional items, my vendors do not
> bill me tax. How do I get the purchased items (advertising,
> promotional items etc.) tax to link up to the sales tax report?
The most efficient way is with some kind of subsidiary schedule kept "by
hand". It could be just as simple as a notebook where you log those
purchases, or some kind of spreadsheet. There's no practical method to have
this integrated with your software (QuickBooks, Peachtree, etc) to track, as
the number of accounts, sub-accounts, departments, classes, etc would be
staggering, and that only leads to mistakes in one direction or another.
If you're like some of my clients, the purchases they make from one supplier
may include multiple items, resale, business use, assets, services, etc.
breaking the bill up is a task in and of itself. Further breaking it up
based on if sales tax was paid or not is a whole other monster.
I think you'll find the hand maintained ledger is going to be most useful.
--
Paul A. Thomas, CPA
Athens, Georgia
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