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    QB484's Avatar
    QB484 Posts: 7, Reputation: 1
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    #1

    Jul 26, 2011, 10:22 AM
    Sale & Use Tax
    In January we paid sales & use tax of $5000.00. An over payment was made on the use tax of $3000.00, in which we received a check back for. The over payment went to the expense accounts called Sales & Use Tax, which is currently running a credit on the account. Should this credit stay on the expense account until the end of the year, or should it be posted to another account?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jul 26, 2011, 02:31 PM
    This sounds like a homework question, which we generally do NOT answer.
    QB484's Avatar
    QB484 Posts: 7, Reputation: 1
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    #3

    Jul 27, 2011, 07:22 AM
    Comment on AtlantaTaxExpert's post
    This is not a text book question, could you please answer it for me-THANKS
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Jul 27, 2011, 07:32 AM
    Okay, then keep it in the Expense Account until the end of your tax year, to be used to pay future sales & use tax obligations.
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