Bookkeeping Basics – Sales and Use Tax

Every tax preparer and accountant somewhere along the lines needs to have a fundamental basic understanding of bookkeeping in order to ensure they are using the correct numbers when preparing a tax return or otherwise presenting financial information to their client.

Sales and Use Tax

• Learn the basics about what Sales Tax and Use tax is, and the legal precedent that causes them to exist
• Discover what Nexus is and the differences in the different types of Nexus, and what a Home Rule location is
• Understand the difference between taxable and nontaxable items for sales and use tax considerations
• Learn basics about recording sales tax transactions using T account examples
• Learn some ways sales tax is reported to different taxing agencies