sales revenue relating to sales tax
could you add a report or column item that shows the sale revenue that the sales tax has been calculated from. not all revenue generates sales tax and I need to specify to the NY State Department the amount of sales revenue that correlates to the sales tax I have collected.
Thank you for this suggestion! Unfortunately we don’t currently have a way to track the specific items that were taxed at the time of purchase, but a simple way to come up with that number is to use the sales tax you collected and work backwards from it. For example, if your tax rate is 10% and you know that $450 in taxes were collected, you can know that the total taxed was $4500. The formula for that is just [total tax collected]/[tax rate]. In this example it would be 450/.10 = 4500.
Thanks Adam. That is what I have previously done but last year we had a sales tax change mid year so I needed to have the actual number.