sales tax

This topic has 1 reply, 2 voices, and was last updated 11 years ago by John Moffat.

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May 31, 2015 at 8:42 am #250815
rustamrakhmatov27
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sir, when sales tax registered company sells something it recognizes net sales and gross receivables. for example when it is on credit, it is: dr TR cr sales cr sales tax
but what happens when we get money?
cr TR(gross) dr cash(gross) but what about balance in the sales tax account? or we actually balance it when we actually pay tax?
May 31, 2015 at 11:09 am #250901
John Moffat
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The balance on the sales tax is the amount owing to the state. It is nothing to do with when the customer pays us the money.
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