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Home   Help with Intuit Products   Ask the Expert Event   Ask the Expert: Tracy Stinson (Archived)  
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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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Toneman
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06/11/09 11:09am PDT
Viewed by asker 06/23/09 6:42pm PDT

How to handle categorize tax on items purchased

Hello- I have a question about tax on items purchased. For example, on my Visa or Menards credit card, when entering the transactions for categorizing them.... Maybe I purchased lumber / $15.00 for job X, gloves/ $5.00 for supplies, tools/$15.00 for job Y. Each item has tax on it... in this case, Indiana total tax @ 7%: $2.45. Do you lump the tax amount in a separate category for tracking purposes? Or do you calculate tax for each item purchased to get the "true" amount each item cost me?

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06/12/09 4:04pm PDT
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If you are looking for your COGS amount to include the tax cost at time of sale you would have to caluclate for each line puchases. However some businesses (based on state law) can get discounts on their sales tax payment based upon sales tax paid. If so you would need to verify with the state how they need it tracked.

Thanks

Tracy

http://www,slsreporting.com

Tracy Stinson
Dynamic QB Solutions

If this helped.. Please mark as solved. Thanks.

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