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The company that I do their books for (using Quickbooks

Customer Question
2015) has started using a...
The company that I do their books for (using Quickbooks 2015) has started using a Barter company. He has two sales that he will need to pay the sales tax on. His accountant said to make a new expense account for the sales tax. I'm confused as to how to enter into QB and how to remember these two"sales" when running the sales tax liability report when sales tax is due.
Submitted: 1 year ago.Category: Finance
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Answered in 1 hour by:
3/28/2017
Financial Professional: Emilee Weaver, Certified Public Accountant (CPA) replied 1 year ago
Emilee Weaver
Emilee Weaver, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 90
Experience: VP, Director of Finance
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The best way that I've seen this done is to record both sides of the Barter transaction, then you don't have to worry about "remembering" the transaction. Create a short term asset account called "Barter credit". When you "sell" the Barter items record a sale ( credit sales, debit Barter credit). And record the sales tax liability at that time as well. Then record an expense for whatever you gained out of the barter transaction. So if they gave you free ad sales, record that expense via a journal entry ( debit ad sales and credit Barter credit) this should be for the same value as the sale and now you have a sale, an expense, and zero in your Barter credit account.

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Customer reply replied 1 year ago
Ok, and if he in the bartering received in exchange something that is not business related, I assume that would go to his draw?
Financial Professional: Emilee Weaver, Certified Public Accountant (CPA) replied 1 year ago

Yes, if he received something personal it would go to his draw. Correct!

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