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Sales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples] 

Patriot Software

When you sell goods to customers, you likely collect and remit sales tax to the government. But, how do you record these tax collections and payments in your accounting books? Sales tax accounting. You should understand accounting for sales tax to maintain organized and accurate […] READ MORE.

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Friday Footnotes: Anyone Wanna Work in Hollywood?; Profit-Hungry CEOs Love Gen AI; KPMG’s SF Future | 1.19.24

Going Concern

TSG’s lawsuit filed last August in Los Angeles District Court said that Fox had promised TSG a share of defined gross receipts for pictures under the companies’ long-term participation agreement but that the studio used “nearly every trick in the Hollywood accounting book” to not pay. I get my tax documents in early.

Arizona 104
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E-commerce Business Plan: How to Create an Actionable Business Plan for Your E-commerce Business

Snyder

Consult government statistics offices, various associations, research news articles, and other reliable sources to collect as much precise data as possible. With Synder, you can synchronize transactions to your accounting books with just one click and get 100% precise reconciliation. Cash-flow statement.

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Accounts Receivable (AR) Automation: The Solution To The Collection Problem

Accounting Seed

You debit the $12,500 to AR and credit the same amount to your sales account. This is known as balancing your accounts/books. You recognize this in your accounting with a “bad debt” entry. Without sufficient cash coming in, you can’t pay employees, utilities, or the government.

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Illinois Small Businesses: Upcoming Aug 5-14 Sales Tax “Holiday” Is Anything But One

Nancy McClelland, LLC

You’re absolutely right that this was an example of government decision making at its worst. You can just have your accountant book an adjustment after the correct amount of tax is paid to the state. “Looks like we really did a terrible job here.

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Print-On-Demand Trends: How to Start a Print-On-Demand Business

Snyder

They’re governed mainly by the type of printing surface and popularity. If you have your own website where you run your store and also have several stores on those popular online markets, you need to have software that’ll integrate all that data into your accounting books.