User Support Forum

John, Yes it is a refund on sales tax paid by the church. When we make a purchase it is debited as an asset. For example say we made a purchase for office supplies I would make the following entry 01-1110 Church Office Supplies Credit 100.00 01-1910 Tax Reclaim Office Supplies Debit 8.00 01-5430 Off...

Our church is in NC and we are allowed to reclaim sales tax paid. I know that when we get our refund that I debit our income account and credit the tax reclaim account. My question is this. There is more money in the tax reclaim account than we will get back. How do I adjust the reclaim account so t...