Bookkeeping Basics – Sales and Use Tax

Every tax preparer and accountant somewhere along the lines needs to have a fundamental basic understanding of bookkeeping in order to ensure they are using the correct numbers when preparing a tax return or otherwise presenting financial information to their client.

Sales and Use Tax

  • Learn the basics about what Sales Tax and Use tax is, and the legal precedent that causes them to exist
  • Discover what Nexus is and the differences in the different types of Nexus, and what a Home Rule location is
  • Understand the difference between taxable and nontaxable items for sales and use tax considerations
  • Learn basics about recording sales tax transactions using T account examples
  • Learn some ways sales tax is reported to different taxing agencies


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