[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

Re: (apparently) cosmetic tax rounding bug

Quoting Ed W <..hidden..>:

I don't know that I would call it a "trick", but what I found helpful
was to introduce a "VAT Control" account which is my end of quarter
accrual (UK requires payment of sales taxes on a quarterly basis).  So I
track VAT paid and earned as seperate ledgers, then clear these down to
zero at the end of each quarter (based on trial balance report, plus a
manual glance at the transactions report).  Then I can simply enter my
VAT return based on this entry.

As an aside this also makes it simple to record the payment of sales tax
(which may have a timing difference), by recording the payment from the
control account

Happy to flesh this out on the wiki.  I think it would be helpful for us

Speaking as another UK inmate, may I say "Yes, please". :)


This message was sent using IMP, the Internet Messaging Program.