I do my accounting for my sked c business in Quicken. For a new
activity last year I now get a state sales tax receipt monthly based
on the gross sales, and I have to remit to the state quarterly.
the problem is the amounts are showing up on my income statement,
which I don't think is correct. I don't have a tax item assigned
to the categories, so my tax import is correct, but it doesn't
seem like this should show up in my financials.
ISTR that there was a way you were supposed to deal with this,
using a fictive asset account or something like that, but maybe
that was only on an accrual basis, and I am cash basis. I
assigned a different class to the sales tax items, so I can
filter them out, but that doesn't seem like the proper
I was thinking maybe when I pay the state, instead of posting
an expense transaction, I should maybe use the same income
category I use for the receipt, but with a negative number
so that my income and expenses are correct.
- posted 13 years ago