Sales Tax

I am using a different machine and do not have PT available, but I believe my PT is 2005.
This state, NC, has adopted the practice that companies with a tax
number will report their own sales tax rather than paying sales tax to the vendor.
Fine. It is easy to set up invoices to take care of that.
But how can PT be set up to account for the taxes we pay directly on our purchases? Some of the purchases are taxed at 1% and others at the full rate, state and county.
A real problem, so far as I can tell.
CSSJR
--
If we do not wish to lose our freedom, we must learn to tolerate our
neighbor's right to freedom even though he might express that freedom
  Click to see the full signature.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
I would say the easiest is to manually record the sales tax paid by using the info on the invoice you paid. Just post it to a Sales tax payable account. If you need to track amount paid on your purchases separately by jurisdiction then you might set up items or separate G/L accounts to capture the taxes you need to report. Look at your reporting requirements and then taylor your CoA or items accordingly.
in message

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Thanks.
That is the perfect KISS method.
I should have thought of that, but I was trying my best to make it hard.
CSSJR

--
If we do not wish to lose our freedom, we must learn to tolerate our
neighbor's right to freedom even though he might express that freedom
  Click to see the full signature.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

BeanSmart.com is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here. All logos and trade names are the property of their respective owners.

Tax and financial advice you come across on this site is freely given by your peers and professionals on their own time and out of the kindness of their hearts. We can guarantee neither accuracy of such advice nor its applicability for your situation. Simply put, you are fully responsible for the results of using information from this site in real life situations.