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, Yes. we…

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Hi!! My name is ***** ***** I have a question regarding accounting for sales tax.

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

Yes. we are a restaurant and account for sales tax in a daily journal entry...debit cash, credit sales, sales tax payable (a liability), etc. But we only pay sales tax on a quarterly basis. Do I need to do a monthly adjusting entry to accrue the taxes collected but not yet paid?

Submitted: 2 years ago.Category: Tax
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Answered in 43 minutes by:
2/2/2016
Tax Professional: Mark D, Enrolled Agent replied 2 years ago
Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1,342
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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Hello Lynne.

The daily entries will take care of the accruing liability. When you make a payment to the sales tax agency, it will decrease the liability. If you are doing daily entries, there should be no need for a monthly adjustment unless there was an error or for rounding. Does this answer your question?

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