In this video, we discuss the importance of reconciliations, including reconciling your sales tax accrual account.
Key Takeaways:
if there are significant differences between what was reported on your sales tax return and the sales tax accrual account, document why there are differences and adjustments.
Document differences due to bad debts, credit memos, exports, returns, etc.Â
Address the timely filer discounts
Document adjustments in real time
Our mission to provide a resource so business owners, accountants and bookkeepers can understand sales & use tax compliance. We know that sales and use tax laws are not the easiest to understand. Our focus is on empowering you with a framework and general understanding, so you know what questions to ask and where to go to get the information you need to stay on the right side of sales and use tax compliance.