2016-04-01 GnuCash IRC logs
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12:48:50 <jason> Question about sales tax. Which category should they be under, expenses / liabilities / AP?
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13:08:37 <warlord> jason: is it sales tax collected? sales tax paid? how do you need to report it??
13:19:52 <jason> id like to do both if possible. right now how much collected
13:20:46 <jason> i need to report gross sales in a given city then deduct non taxable like labor.
13:25:04 <warlord> if you are collecting... Then it would be a Liability that you collect.
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13:25:11 <warlord> because it's money you owe to the gov't
13:25:18 <jason> yes collecting
13:26:37 <warlord> IANAA but.. Splt L:Tax Collects + Income -> Cash
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13:27:44 <jason> warlord: got it now. makes more sense and my accounts are simpler to track. trying to get it as simplified as possible.
13:33:18 <warlord> *nods*
13:33:41 <warlord> Technically it's never actually an "Expense" to you -- you're just the pass-through from your customers to the govt.
13:33:58 <jason> ok
13:34:36 <jason> i tried the other day to switch to quickbooks online, big mistake. ended up on phone for over an hour and ended up with a kludge solution to balancing everything out.
13:34:56 <jason> so trying to get this set up proper and just be done with it.
13:37:09 <warlord> good luck!
13:40:04 <jason> one more question. how would i handle a credit card that gives 2% cash back?
13:42:40 <warlord> Umm.. I dont legally how that is handled. You could handle it by calling it an Income or a negative Expense?
13:50:47 <jason> set up an income account called rebates. set up an assest account for credit card cash back. set the tax report option to other business income on the rebates category. see what happens end of year i guess.
13:51:52 <warlord> NO need for the asset -- just transfer from the income account to wherever you deposit your cash-back check.
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