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Posted by Randy Stevens on April 26, 2006, 6:24 pm
Please log in for more thread options Jerry,
I track all sales taxes in case I can get the sales tax deduction now
provided on the Federal return. I just use a single category "Tax:Sales
Tax" and record transactions as splits to break out the sales tax. Of
course, the category has the correct tax line assignment so it imports
nicely into TurboTax.
I agree with some of the other responses, what you want to do does seem like
a bit of overkill. However, to each his own! Here's what you can do.
I believe you want to use categories instead of classes. For each category
that you want to track sales tax, create a sub-category. For example, if
you have a "Dining" category, create a "Dining:Sales Tax" sub-category. For
each of your new Sales Tax sub-categories, provide the correct tax line
assignment; specifically, "Schedule A:Sales Tax Paid". You will be creating
a lot of sales tax sub-categories.
Now, when you run an expense report, your dining expenses will be broken out
into "Dining" and "Dining:Sales Tax".
To determine the total amount of Sales Tax, run one of the built-in Tax
reports such as "Schedule A-Itemized Deductions", "Tax Schedule", or "Tax
Summary".
I hope this helps.
Randy Stevens
>I think I asked this a long time ago, but I forgot the answer.
>
> I like to track where my money goes in pretty fine detail. When I buy gas
> I break it out with state and federal fuel taxes as well as sales tax. I
> currently do this with classes, but it makes it difficult to run a report
> that contains only the tax and not the whole transaction amount. In
> addition, the built-in graphs and stuff don't show these classes as part
> of the "Tax" category. I thought I would remedy this by making some
> sub-categories of "Tax" to track all of this. That works fine for the
> reports when I want to look at taxes, but then it excludes that amount
> from the purchase.
>
> An example will probably make this a lot easier to explain. If I spent
> $1.07 at a store for a soft drink and recorded the transaction with a
> split like this:
>
> McDonald's
> Dining $0.99
> Dining/sales tax $0.08
>
> I am able to track the sales tax somewhat in reports, but it's difficult,
> and the taxes don't show up in the built-in reports. If I enter it like
> this:
>
> McDonald's
> Dining $0.99
> Dining/Tax:sales tax $0.08
>
> Then the tax still does not show up in any of the built-in reports or
> graphs.
>
> If I do this:
> McDonald's
> Dining $0.99
> Tax:sales tax $0.08
>
> Then all of my reports don't show the 8 cents under dining. This creates
> problems for budgeting.
>
> Is there anyway to keep track of sales tax so that it shows up on the
> built-in reports and graphs under taxes, and so that cash flow reports
> will report the full $1.07 as a "Dining" category?
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