Hello I have a situation where my sales tax liability in 2 accounts, is under the amount my final payment for the year is supposed to be.
Operating on a cash basis, that shouldn't happen, but I think there was some use tax (uncollected sales tax) in 2010 that I paid with the sales tax that was collected, so just posted it to the sales tax accounts. So, once I post this sales tax payment, the sales tax accounts will have a debit balance. I'm not absolutely sure, but something about that seems problematic for the end of year. I'm not enough of a bookkeeper to know how best to zero these out, or even if I should. I imagine that I should create a 12/31/2010 entry, which posts a zeroing amount from somewhere. Maybe an expense account of "uncollected sales taxes" or some such? Thanks Luke ------------------------------------------------------------------------------ Protect Your Site and Customers from Malware Attacks Learn about various malware tactics and how to avoid them. Understand malware threats, the impact they can have on your business, and how you can protect your company and customers by using code signing. http://p.sf.net/sfu/oracle-sfdevnl _______________________________________________ Ledger-smb-users mailing list Ledger-smb-users@lists.sourceforge.net https://lists.sourceforge.net/lists/listinfo/ledger-smb-users
