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Old 10-26-2008, 12:28 AM
SteveBell
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Default Re: Splits

Jim wrote:

- quote -

> When splitting a transaction - say at walmart where you buy groceries
> and household supplies (different categories) how do most of you
> handle the sales tax. I don't care about tracking this for these type
> of purchases. Seems I remember from years past that there was a key
> combination that would distribute it among the other categories - is
> this still a feature? In any case how do most you handle it?\
> Thanks for you help,


After you enter the splits, right-click on one of the amounts, then
choose "Proportionally allocate the unassigned amount", or press <F6> .

There are several ways to handle sales tax.
* Simply allocate it as I just described. This ignores the fact that
some items are non-taxed, but I don't really care.
* Carefully read your receipt and use calculations to add the correct
amount of tax to the appropriate splits. This is a royal pain, and
you're often off by 1c.
* Enter the tax as a seperate split. You can report sales tax paid at
the end of the year if your state allows it as a deduction. The
downside I ran into is that I can't do it this way and easily bill it
to my clients on an invoice.

--
Steve Bell
New Life Home Improvement
Arlington, TX
 
Old 10-25-2008, 11:59 PM
Dick Watson
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Posts: n/a
Default Re: Splits

I vaguely recall there being a key combination for this, but I have no idea
what it is.

If you just enter the categorized items and it doesn't add up to the total
of the transaction you entered before splitting it (a key) it will offer to,
among other things, spread the unassigned amount proportionally.

I very rarely break out sales tax since there is no reason to do so for most
people. (Myself included.) Some people who live in states without a sales
tax may find it worthwhile since you can deduct the greater of the IRSes
calculated amount or one you have data to support. I will break it out on
huge purchases (car, plasma TV, etc.) just so I know what I paid for the
[thing] and what the tax was.

Splitting proportionally across Food : Groceries and Miscellaneous :
Supplies (my categories) is rarely correct since here we don't charge sales
tax on most groceries. But I understand you basic theory. Answer applies
here for a case like, say, Miscellaneous : Supplies and Housing :
Maintenance. (A popular combo for us at Home Desperate.)

"Jim" <jamesone[at]cableone.net> wrote in message
news:7f16g4lda80aimv2cncs55atqakvlqsqpr[at]4ax.com...
- quote -

> When splitting a transaction - say at walmart where you buy groceries
> and household supplies (different categories) how do most of you
> handle the sales tax. I don't care about tracking this for these type
> of purchases. Seems I remember from years past that there was a key
> combination that would distribute it among the other categories - is
> this still a feature? In any case how do most you handle it?\
> Thanks for you help,



  #-1  
Old 10-25-2008, 11:49 AM
Jim
Guest
 
Posts: n/a
Default Splits

Hi Everyone,

When splitting a transaction - say at walmart where you buy groceries
and household supplies (different categories) how do most of you
handle the sales tax. I don't care about tracking this for these type
of purchases. Seems I remember from years past that there was a key
combination that would distribute it among the other categories - is
this still a feature? In any case how do most you handle it?\
Thanks for you help,

Jim
 

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