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How can I record sales taxes that I was charged for a purchase? Is that considered an expense or a liability?

 
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Best answer 12-10-2018

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Level 4

How can I record sales taxes that I was charged for a purchase? Is that considered an expense or a liability?

In the US, we don't record sales taxes paid separately -- they are included with the cost of the items purchased.  For example, if you bough office supplies, you record the total amount paid (including the sales taxes) to office supplies.

I hope this helps.

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Highlighted
Level 4

How can I record sales taxes that I was charged for a purchase? Is that considered an expense or a liability?

In the US, we don't record sales taxes paid separately -- they are included with the cost of the items purchased.  For example, if you bough office supplies, you record the total amount paid (including the sales taxes) to office supplies.

I hope this helps.

View solution in original post

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