How do I use the Studio Expense Tax Line?

When adding a transaction to Billing ---> Studio Expenses, you will find a field titled Tax Amount.  This field allows you to track one type of tax.  You can decide to track sales tax you collect, taxes you pay on items you buy, or any other tax you need to track separately.  You will need to decide which tax you would like to use this line for.

Here is how it works.  When you enter an amount in the Tax Amount field, the entries are totaled and displayed at the bottom of your Income and Spending Report.  The totaled amount is NOT included in your Studio Spending total or your Income total.  It is a completely separate amount.

For instance, you charge a student for a book that costs $5.00 + $.25 tax.  You decide to enter $5.00 in the Amount field, and $.25 in the Tax Amount field.  In this scenario, $5.00 will be added to your Income, and $.25 will be added to the tax line at the bottom of your Income and Spending Report.

In a second scenario, you decide to enter $5.25 in the Amount field, and $.25 in the Tax Amount field.  In this case, $5.25 will be added to your income, and $.25 will still be added to the tax line at the bottom of your Income and Spending Report.

How you choose to use this feature will depend on what tax you track, and your local tax laws.

Finances

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