Our state Dept of revenue now requires us to file sales tax return on line using a credit card. When I try to "pay sales tax" only "bank" accounts appear in the drop down window. How can I account for paying with a credit card? Thanks, Len
You can set up a bank type account called Transfer. Use that account to pay the sales tax. Then enter a credit card charge for the sales tax vendor, and post it to Transfer. The balance in your Transfer account should end up zero.
For the "Transfer" bank account, what would the tax line mapping be?
Also, what do you do if there is a convienence fee for paying online?
Thanks!
Allen
The tax line mapping would be the same as any other bank account. It shouldn't matter, because the balance in the Transfer account should always be zero. You can post the convenience fee as a separate line item on the credit card charge, posting it to bank charges. So if your sales tax was $100 and the convenience fee was $5, you will have a credit card charge for $105, with $100 posted to Transfer and $5 to bank charges.
Now I have a credit card account with a positive balance...equal to the tax and fee. Did I do something wrong?
When you pay the credit card bill, post it as a credit card payment to the same account. If you pay the entire amount, it should zero out the credit card account.
