2014-12-13 GnuCash IRC logs
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03:48:22 <mikee> @op
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13:45:59 <vantage> Hi, what's the best way for a business to represent sales tax in gnucash? Should it be a split transaction in an income account? A liability?
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14:22:47 <jralls> vantage: Sales tax is usually treated as the government's money that you're holding on to, so it should be a liability that you credit when you make a sale and debit when you periodically send the state a check.
14:32:16 <vantage> jralls: so I should just make an account under liabilities for the tax and then setup a tax table that credits it?
14:33:30 <jralls> vantage: Can't help you with the tax table part, I don't sell anything. I can only tell you that the sales tax account belongs in Liabilities.
14:33:52 <vantage> jralls: Thanks!
14:34:02 <jralls> vantage: NP
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14:35:23 <vantage> jralls: should there also be a corresponding income/asset for where the money is held?
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14:38:10 <jralls> vantage: That would normally be whatever bank account the money lives in. If you do cash sales you might maintain a separate cash account which you transfer to your bank account periodically. You could break the tax out into a subaccount, but I don't know that that would have any benefit.
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18:41:27 <t10> gnucash is awesome, thanks!
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