Hi guys,
First, let me give a brief description of my business workflow.
===Money in===
We are a tech company that provides IT services and repairs for computer equipment, so we collect payments from our clients through our credit card processor who deposits the money in our bank account in different chunks, most likely every 3 days. These deposits are the result of our business services and sales.
===Money out===
Our main services are Managed IT Services and Repair services.
For repair services sometimes we need to buy physical components in order to repair the equipment, for example, a computer hard drive.
As a business entity, We were issued a California seller permit that allow us to purchase inventory items from vendors and use tax exempt on purchases. however, we only use this for 1 vendor, the issue is that sometimes we need to buy components from other vendors (online) that we don’t use our seller permit with, so we need to report this as well when filling sales tax to the California government, so in Manager I created an account to track the sales tax I paid on purchases (10% sales tax paid as COGS type of account) but it takes time to do manually, so I need to automate this as much as possible when importing bank activities.
So I created these rules:
Bank rule for purchases of non-inventory parts to calculate the 10% sales tax for my jurisdiction.
How to calculate the 10% sales tax collected from customers towards the item Hardware Resell that represents the 30% of the total sales? have this. see image below
I need your feedback in the way I am tracking sales tax paid and collected and the bank rules .
Thanks