Accounting for Sole Proprietors: Tax & Bookkeeping Tips
in Business, Accounting & Taxes ·
Hey there!
Can someone walk me through how to properly record the sales tax return in the general ledger? This is for an LLC. I’m assuming everything gets booked on December 31st.
According to the filing, my input tax credit amount is $300.
Right now, my ledger balances look like this: account 1400 (input tax) shows $300, and account 1407 (tax receivables) shows $800.
Thanks a million in advance!!!
Can someone walk me through how to properly record the sales tax return in the general ledger? This is for an LLC. I’m assuming everything gets booked on December 31st.
According to the filing, my input tax credit amount is $300.
Right now, my ledger balances look like this: account 1400 (input tax) shows $300, and account 1407 (tax receivables) shows $800.
Thanks a million in advance!!!