Book Image

Gnucash 2.4 Small Business Accounting: Beginner's Guide

4 (1)
Book Image

Gnucash 2.4 Small Business Accounting: Beginner's Guide

4 (1)

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)
Gnucash 2.4 Small Business Accounting
Credits
About the Author
About the Reviewers
www.PacktPub.com
Preface
Index

Time for action – setting up sales tax tables


We will set up tax tables for a jurisdiction that has separate taxes for the state, county, and town. Once the tax tables are setup, you can use them to charge the applicable taxes on invoices.

  1. Prerequisites: Make sure you have three sales tax accounts VA Sales Tax, Fairfax Sales Tax, and Vienna Sales Tax of type Liability and with Liabilities as the Parent Account.

  2. From the menu select Business | Tax Tables.

  3. In the Tax Tables dialog, click the New button in the Tax Tables pane. In the Name field, enter VA-Fairfax-Vienna. Enter 4.00 in the Value field, select VA Sales Tax in the Account field drop down, and click OK as shown in the following screenshot.

  4. That accounts for the state sales tax. We now have to add the County and Town taxes.

  5. Click the New button in the Tax Table Entries pane and add the Fairfax Sales Tax of 1.00% and Vienna Sales Tax of 0.50%. After adding these, your tax table should look as shown in the following screenshot:

  6. Click the...