Book your sales taxes on Bkper so, you know at any moment your balance on taxes receivable or payable.
Tax on purchase (when you buy)
- The purchase itself
- Reserving the Sales Tax
Tax on sales (when you sell)
- The sale itself
- Reserving the Sales tax
Periodic Sales tax closing
Sales taxes are (mostly) closed with a payment of the difference between the Sales Tax Due and the Sales Tax Reclaimed.
Balance value Sales Tax Reclaimed (asset) is 200
Balance value Sales Tax Due (liability) is 1000
The related transactions
800 Bank Account (asset) >> Sales Tax Due (liability)
200 Sales Tax Reclaimed (asset) >> Sales Tax Due (liability)
Note: for simplicity we used ~10% sales tax in the sample bookings.
Automate Sales Tax transactions with our Sales Tax Bot.
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