Say I receive a bill (incoming invoice) for $105. $100 for office paper and $5 for local tax. I normally assign the expense of the paper to an expense account, say office expenses. Is there any reason to assign the tax ($5) in the bill to a different account than say the paper itself or is it better to simply assign all $105 to the office expense account.
Said in another way, is there any business reason I should care about the taxes i pay on purchases and does QB do anything with them?
thanks Ian