In fact, QBO help suggests, "To handle the amortization of intangible assets, you can create a journal entry to deplete it." The monthly expense of that asset is from a journal entry, and I still want to be able to see which vendor the expense was relate...
It is the total of the VAT, use, and sales taxes (PST). Screen-specific information Leave this field blank to have the system calculate the tax. Also, leave this field blank on the offsetting entry, where the Amount field includes the amount and the tax amount from the preceding lines...
Tax AmountThis is the amount assessed and payable to tax authorities. It is the total of the VAT, use, and sales taxes (PST). Form-specific information Leave this field blank to have the system calculate the tax. Also, leave this field blank on the offsetting entry, where the Amount fie...
TheGeneraltab shows various information, such as description, journal name, posting layer, detail level, line limits, and whether the journal is for a reversing entry. TheSetuptab shows the type of account, control whether theAmounts include sales tax, and gives you an option to override t...
Journal entries are the first record of business transactions in the accounting records. In the general journal, each entry has the transaction date and the general ledger account titles of the accounts that must be debited and credited to record the transacti...
2. Accounting for sales tax paid on purchases When you purchase goods and pay sales tax on those goods, you must create a journal entry. In this case, the sales tax is an expense, not a liability. Generally, your total expense for the purchase includes both the price of the item(s) ...
Prepare the journal entry for Play Clothes. JOURNAL Date Account Titles and Explanation Debit Credit July 6 Purchase 4,000 Accounts Payable (Kid's Clothes) 4,000 Recording Purchases at Gross Invoice Price Recording Purchases at Gross Invoice Price On July 15, Play Clothes pays the amount due ...
This is how the sales journal entry would look: DateAccountNotesDebitCredit X/XX/XXXXAccounts Receivable252 Sales Tax Payable12 Revenue240 How to make a sales accounting entry: Goods If your business deals with inventory, your sales journal entries are going to get a little more complex. ...
Import journal entries for QuickBooks Desktop Download and save the journal entry file (QBJ file) your accountant sent you. Open your company file in QuickBooks Desktop. Go to the File menu, select Utilities then Import. Select General Journal Entries. Find and select the QBJ file you sa...
Prepare the journal entry for Play Clothes. JOURNAL Date Account Titles and Explanation Debit Credit July 20 Accounts Payable (Kids Clothes) 4,000 Cash 4,000 Credit Terms and Cash Discounts Purchases are recorded at their net amounts. Net (price) Purchase Method discounts (购货 折扣)lost are...