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Sales Tax

A state mandated tax whereby consumer goods are assessed a fee on the final price as a form of revenue to the state to augment tax revenues. In most states, a portion of the sales tax is passed back to the locality for certain programs and compliance of the law.

Bookkeeping – Meals Tax (Lesson 56)


A major source of local government revenue is the meals tax.   Most states authorize the right of local governments to raise revenues utilizing a meals tax.   It is defined differently in each state.   If a business is involved in the food [...]

Bookkeeping – Tracking Sales Tax (Lesson 40)


Many businesses especially retail have to collect sales tax as a function of their legal mandate from state governments.  In effect the business is a collection agent for the state.  If properly set up, this collection process is automated using [...]

Point of Sale System – Introduction


Almost all retail based operations require a Point of Sale (POS) System to properly record the customer and product activity.  So what is a Point of Sale System?  How is it set up?  What information should we get from this system?  How does a [...]

What is an Audit?


An audit is defined as a methodical examination.  Audits are grouped into two principal sets – financial and organizational compliance (usually related to licensure).  For the small business entrepreneur, it is almost unheard of for them to have [...]