Book your sales taxes on Bkper so, you know at any moment your balance on taxes receivable or payable.
Content
Taxes Included in the sales price
on purchase
on sales
settlement
Taxes NOT included in the sales price
on purchase
on sales
settlement
Taxes Included in the sales price
Tax on purchase (when you buy)
The purchase itself
Reserving the Sales Tax
see example
Tax on sales (when you sell)
The sale itself
Reserving the Sales tax
The examples use simplified cash basis for easy understanding. You can also set more complex tax flows involving accounts payable and receivable instead of the direct Bank.
Settlement
Closing the Sales Tax period: Balance Tax in with Tax out to calculate the due (or receivable) amount.
Automate Sales Tax transactions with our Tax Bot.
Taxes NOT Included in the sales price
Tax on purchase (when you buy)
The purchase itself
Reserving the Sales Tax
see example
Tax on sales (when you sell)
The sale itself
Reserving the Sales tax
Tax representation/calculation is simplified for these examples.
Settlement
Closing the Sales Tax period: Balance Tax in with Tax out to calculate the due (or receivable) amount.
Automate Sales Tax transactions with the Bkper Tax Bot.
Note: These are general and simplified examples of booking sales taxes into your Books, always consult your local tax specialist on how to book sales taxes correctly into your bookkeeping.