Tag: Sales Tax
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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.
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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.
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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. What is a Point of Sale System?
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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 an organizational compliance audit.