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Level 1

I would like to know how to record sales tax form a purchase I made for company inventory items. Can anyone help?

 
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Level 15

I would like to know how to record sales tax form a purchase I made for company inventory items. Can anyone help?

Sales tax paid when purchasing inventory is typically part of the item price.

 

You can post it to a special account you create, and use it as an adjustment in the pay sales tax routine, but this gets extremely complicated.

Community Champion

I would like to know how to record sales tax form a purchase I made for company inventory items. Can anyone help?

Some states do not allow exemption from tax at time of purchase but allow you to deduct taxes paid on resale items against taxes collected from customers.

 

Some states allow you to purchase tX exempt for resale.

 

If this is not resale inventory but just company consumables typically you only post full price paid including tax.

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