Sales Tax

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    Angie

    Hey Ken!  How you record this information is really going to be based on how you want to handle your accounting.  Hopefully, someone in the community will share chime in with their practices to help.  In the meantime, there are a couple of options if you decide that you do want to account for the sales tax you paid for items in InventoryLab.

    If you are wanting to account for the sales tax you paid for an item in the profit for its sales, you can include it in the cost/unit.  While listing, this can be done using the Total Cost Calculator, as you mentioned.  This video tutorial may also offers some helpful information for utilizing the calculator:

    Listing with the Total Cost Calculator (Video)

    If you include your sales tax this way, it is calculated as part of your cost/unit and will not be tracked separately under Accounting>Other Expenses.

    If you don't want to add the sales tax paid for your items to the actual cost/unit for your items, another option is to add it manually under Accounting>Other Expenses.  With this method, it would be an overhead expense on your Profit & Loss Report and not tracked per item.

    You would not want to include the sales tax you paid for items in both your cost/unit and under Other Expenses, as this would double the expense on your P&L.

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