Sales tax

Returning to this great group once again for some much needed suggestions and guidance. Two items of concern, first: Here in NL you pay your sales taxes quarterly, how can I state that with the sales tax vendor? there doesn't seem to be a quarterly option available.

secondly: when we pay quarterly sales tax to the government, we pay according to this equation: sales tax received - sales tax paid. So if you receive

9,000 and have paid (as a result of purchases) 1,000 you only owe 8,000.

So, in the G/L chart of accounts I have 2310, Sales Tax Payable. Do I create a balancing account which will automatically *subtract* from the payable balance? or do I post to the same account but as an opposite transaction (credit?) from vendor purchases? Or, does Peachtree natively do this anyway?

Regards & TIA!!!

Reply to
cheesehead
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I would just debit and credit to the same account. Having two accounts makes it a little more complicated but you might find it easier to understand.

There is no way to setup a quarterly payment schedule, but you could set up a reminder to yourself in peachtree or outlook/other.

HS

Reply to
HSalim

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