NSF check for Sales Receipt with sales tax
How do you correctly handle NSF check in payment of a sales receipt which includes sales tax? We are cash basis for tax purposes. Can we use bad debt expense or just credit the sale?
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PHinCA
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03/13/10 5:38pm PST
Viewed by asker 09/07/10 2:29pm PDT
Viewed by asker 09/07/10 2:29pm PDT
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SteveBradley
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03/14/10 4:37pm PDT
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I would create a check, use NSF for check number, and debit net sales to your sales account and sales tax to your sales tax payable account.
