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Gnucash 2.4 Small Business Accounting: Beginner's Guide

Gnucash 2.4 Small Business Accounting: Beginner's Guide

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Gnucash 2.4 Small Business Accounting: Beginner's Guide

Gnucash 2.4 Small Business Accounting: Beginner's Guide

4 (25)

Overview of this book

Attention, small business owners! Stop tax-day stress. Stop procrastinating with a shoebox full of receipts. Stop reinventing the wheel with a spreadsheet. Stop making decisions simply on a hunch. Stop wasting money on software that is overkill. Start by downloading GnuCash and getting your accounts in order. Designed to be easy to use, yet powerful and flexible, GnuCash allows you to track bank accounts, income, and expenses. As quick and intuitive to use as a checkbook register, it is based on professional accounting principles to ensure balanced books and accurate reports. You can do it and Gnucash 2.4 Small Business Accounting Beginner's Guide will help you get up and running with maintaining your accounts. Gnucash 2.4 Small Business Accounting Beginner's Guide speaks business language, not accountant-speak, because it is written by a former small business owner. It guides you to use GnuCash from scratch with step-by-step tutorials without jargon, pointing out the gotchas to avoid with lots of tips. It will teach you to work on routine business transactions while migrating transaction data from other applications gradually. You will be able to keep on top of transactions and run reports after reading just three chapters! Beyond Chapter 3, it is up to you how far you want to go. Reconcile with your bank and credit card statements. Charge and pay sales tax. Do invoicing. Track payments due. Set up reminders for bills. Avoid stress at tax time. Print checks. Capture expenses using your mobile phone. Gnucash 2.4 Small Business Accounting Beginner's Guide gives you the power. Know your numbers. Make decisions with confidence. Drive your business to its full potential.
Table of Contents (20 chapters)
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Gnucash 2.4 Small Business Accounting
Credits
About the Author
About the Reviewers
www.PacktPub.com
Preface
Index

Time for action – charging sales tax on sales


Let us take an example where we are selling an item for which all three taxes are applicable:

  1. In the Edit Invoice window, you will see a column for Tax Table. From the dropdown list select the VA-Fairfax-Vienna tax table. Make sure the column marked Taxable? Is checked and Tax Included? is not. You will see that the appropriate tax is calculated and applied.

  2. In some jurisdictions, some of the costs are not taxable. For example, in Maryland, delivery charges are not subject to sales tax. Add a separate line item for delivery charges in the invoice and uncheck the Taxable? column.

  3. Once you have verified all entries, make sure you Post the invoice as shown in the following screenshot:

  4. Showing individual tax items on the invoice: If you are required to show individual taxes separately in the invoice, you can do that in GnuCash. From the menu select Reports | Business | Printable Invoice. Select the invoice that you would like to print.

  5. Open the Report...

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