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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. And when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books? Sales tax accounting.

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What Are the Types of Revenue Small Business Owners Need to Know?

Patriot Software

When you make a sale or earn money from another activity, you need to record it. Learn how to record the types of revenue in different accounts. That way, you can keep your accounting books updated, organized, and legal. Revenue, or sales, […] READ MORE. What is revenue?

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Unlocking the Language of Accounting: Understanding Common Terms

SMBAccountant

In contrast, accrual accounting records transactions when they occur, offering a more accurate depiction of the company’s financial position over time by matching revenues with expenses. Book Accounting and Tax Accounting Small businesses may notice differences between book accounting and tax accounting.

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What Is Inventory?

Patriot Software

Knowing how much inventory you have is crucial for managing accurate small business accounting books, ordering new stock, and making pricing decisions. Inventory meaning Inventory represents the goods your small business has for sale or in storage. Unless you own a service-based business, you likely have inventory.

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Steps to Clean Up Accounting Records: A Checklist

xendoo

If that is not the case, you will need to take steps to clean up accounting records or use a catch-up bookkeeping service. . When and Why You Need to Clean Up Your Books. There are many reasons to have clean accounting books each month. In the end, it will lead to missing income or expenses in your books. .

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

Nancy McClelland, LLC

On June 27th I woke to find dozens of notifications from MyTax Illinois in my email inbox — one for each and every client of ours who files sales taxes. It’s hard enough to change sales tax amounts on a department-by-department basis… but item-by-item?

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Field Trip to the Metropolitan Museum of Art

Withum

Introducing the Father of Accounting The next item is an account book cover from 1343 from the Italian City of Siena (Gallery 307). The Father of Accounting is recognized to be Fra Luca Pacioli, who incidentally was a friend of Leonardo da Vinci. Pretty exciting stuff, Huh? More excitement! million.