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Accounting for taxes on business expenses

Accounting for taxes on business expenses
 

Let's talk about our favorite topic. Taxes! Sales taxes to be specific. This guide will help explain how Greenback can be used to itemize the sales taxes charged on your purchases/expenses.

Looking for an article on sales taxes for e-commerce sellers?

If you are an e-commerce seller and you'd like more information on accounting for your sales tax, VAT, GST, HST or PST, please check out our article -> Understanding taxes for e-commerce sellers

US Customers

The majority of accounting programs don't support separating sales tax from your expenses for US customers. If your Delta Airlines ticket has $65.38 of sales tax, you'll be exporting the entirety of that transaction to the appropriate "Travel" expense account. 

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International Customers

However, most accounting programs do allow for the itemized accounting of sales tax on expenses for International customers. Greenback can itemize the sales tax during export, giving you the ability to allocate the sales taxes charged to it's own category.

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