Sales tax penalty
DidierA
Member Posts: 2
Hello,
How should I record a sales tax penalty (late payment) in my accounting so the sales tax report balances correctly?
Thank you
How should I record a sales tax penalty (late payment) in my accounting so the sales tax report balances correctly?
Thank you
0
Comments
@DidierA,
If you do not have one, create an expense account Penalties under operating expense. Split the payment so that the tax payment goes against the liability and the penalty would be categorized under Penalties.
Thank you!