Very well David, I shall do as you suggest then!
Thank you!
On Fri, Oct 22, 2021 at 10:50 PM wrote:
>
> Hi Mattia,
>
> I think you summay has captured the essentials. Whether you use a Liability or
> an Asset Acciunt to record the value of the stamps will not matter in practice
> but an asset ac
Hi Mattia,
I think you summay has captured the essentials. Whether you use a Liability or
an Asset Acciunt to record the value of the stamps will not matter in practice
but an asset account more correctly reflects the actual situation.
My description is appropriate when your business is using a
Hi David, thank you for your insights!
So, to highlight the differences between my thoughts and yours:
* prepaid stamps as an asset, not a negative liability
* tax passed as-is to the customers are not actually expensed (since
the invoice would have as the "income account" to debit the
As
Mattia,
When you purchase tax stamps in advance, they become a temporary asset of your
business which you would expense at the time you attach then to an invoice.when
you purchase the stamps you would credit your bank account by the amount of the
purchase and debit an appropriate asset account (e.
