Entering Receipts from web sales and recording sales tax
I utilize an online web store where the software provider collects payments for me, inclusive of sales tax, and then weekly deposits the proceeds, less credit card and processing fees, directly into my bank account.
How do I properly set up my chart of accounts to account for the following for each deposit:
Gross Sales (Total Collected *inclusive of sales tax collected)
Minus: Processing Fees
Minus: Credit Card Fees
Included in the Gross Sales, are the Sales Taxes charged. I need to manually look at all of the sales tied to the deposit to determine what the total sales tax amount is so it can be properly recorded.
I am having a heck f time figuring out my quarterly state sales tax because of web sales.