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Not only that, you lose the ability to modify three accounts in a single transaction. How do you handle recording sales taxes? In Canada, for a business, ever
by Mister_Snuggles 8y ago
Not only that, you lose the ability to modify three accounts in a single transaction.
How do you handle recording sales taxes? In Canada, for a business, every transaction will require splitting the tax component into a separate account so that it can be fed into the quarterly GST return. This happens both on the sales side, where you record the taxes you collected, and on the purchases side, where you record the taxes you paid to your suppliers.