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!!!