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TOPIC: Re:Tax and Freight
#65
raghuk2 (User)
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Tax and Freight 14 Years, 4 Months ago  
In Natural Accoun, Tax and Freight comes under what category?

Thanks, RAP.
 
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#66
Charlie (User)
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Re:Tax and Freight 14 Years, 4 Months ago  
Tax is a Liability since you didn't expense anything to earn revenue. You simply have to pay the gov't something later. You are collecting taxes for the gov't.

Freight is an Expense. It is a cost relating to buying/selling goods.

I'm 99% sures...
But, then again... I NEVER say 100% !!! :)

Hope this helps..
 
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#68
handsonerp (Admin)
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Re:Tax and Freight 14 Years, 4 Months ago  
I concur with that.
You collect tax on behalf of the government. It is a liability.
Freight is a cost that you incur in an effort to generate revenue. It is an expense.
 
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#71
raghuk2 (User)
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Re:Tax and Freight 14 Years, 4 Months ago  
Thanks gentleman
 
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