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IL Sole Proprietorship - Revenue question

Hello, I have a research business that I haven't made any money on yet (I am still getting set up). Last month I set up my PayPal account to accept online payments. They deposited two small test deposits into my account. Other than that, I had no revenue. I overlooked these deposits and did not show them on my monthly Sales Tax Statement for the State of Illinois. What is the appropriate step to take. Do I include those amounts on the next month's Sales Tax Statement as some type of adjustment?

Please, no flaming or unproductive/negative replies. I already realize I am not as knowledgeable about business or accounting as most of you. That is why I am posting the question. Thank You, Jeremy.

Reply to
Biros
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"Biros" wrote

As I recall, these are for less than $1 in total. They are also ~not~ a transaction that gives rise to any sales tax. Nothing was sold.

It is a financial transaction that you should account for in your books and records, but it isn't a "sale".

If you insist on showing the small change as "other non taxable receipts" then feel free to do so.

But, as I said, those are not transactions subject to sales tax.

Reply to
Paul A. Thomas

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