tag:support.easybooksapp.com,2011-04-05:/discussions/questions/70-us-sales-taxEasy Books: Discussion 2011-06-14T07:47:21Ztag:support.easybooksapp.com,2011-04-05:Comment/68340422011-04-26T08:56:19Z2011-04-26T08:56:19ZUS Sales Tax<div><p>Hi Jean,</p>
<p>I'm from the UK, and I know lots of people have been using the
app in the US to track GST. I'm afraid I don't know the details of
how your sales tax system works, but if it's similar to the VAT
system we have over here, it should work fine.</p>
<p>Essentially, over here you add an extra percentage to all sales
you make. The customer pays the total amount to you, but you will
eventually pay the tax element to the tax collector. So for
example, if I charge £1000, I have to add VAT (currently at
20%), so I invoice for £1200 and detail the amount I am
adding to cover the VAT.</p>
<p>Because I am registered for VAT, I am allowed to claim back the
VAT element on any purchases I make that have VAT included.</p>
<p>The VAT return operates over a fixed period, normally three
months. When I prepare my VAT return, Easy Books calculates the
total sales, total purchases and the VAT content over the time
period and gives the figures to use in the return.</p>
<p>The system is only complicated by the different VAT schemes that
can be used. For example, the cash scheme allows you to delay
paying the sales tax liability until after you have been paid by
your customer. So in this case, Easy Books adjusts the figures for
any unpaid invoices for customer and supplier accounts.</p>
<p>I hope that helps,</p>
<p>Mathew</p></div>Admintag:support.easybooksapp.com,2011-04-05:Comment/68340422011-04-29T05:40:00Z2011-04-29T05:40:00ZUS Sales Tax<div><p>Thank you for your help, Matthew. Sorry for the delay in getting
back to you, but I wanted to fiddle with the settings and enter a
few transactions first. Seems all is set properly so I am good to
go.</p>
<p>Jean</p>
<p>________________________________ From: Mathew Waters
<a>tender2+d4801d2517ecf1b426942c5d2f26fbbd68bf72217@tenderapp.com</a><br>
To: "<a href="mailto:jeancrhim@yahoo.com">jeancrhim@yahoo.com</a>"
<a>jeancrhim@yahoo.com</a><br>
Sent: Tuesday, April 26, 2011 1:56 AM<br>
Subject: Re: US Sales Tax [Questions]</p></div>jeancrhimtag:support.easybooksapp.com,2011-04-05:Comment/68340422011-04-29T06:28:53Z2011-04-29T06:28:53ZUS Sales Tax<div><p>Mathew Waters</p></div>Admin