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Sales Tax Checklist


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Sales Tax Checklist The term "sales tax" refers to an occupation tax imposed on sellers’ regular or onetime receipts from sales of tangible property (excluding real estate, stocks and bonds) for consumption or use. Read this Sales Tax Checklist to learn more about the sales tax and how to audit it.  

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  1. Retailers’ Key Duties.
    • Retailers are taxpayers who report on sales tax transactions to the tax administration. Here’re the key duties of retailers as taxpayers.
    • Retailers are required to have and keep adequate accounting books and records.
    • Retailers are required to allow government tax officers and auditors to review those books and records to verify that the proper amount of sales tax transactions has been reported to the government tax administration.
    • Retailers are required to determine tax returns and make tax payments on time.
    • Retailers are required to report on taxable property they sell.
    • Retailers are required to pay penalties for delayed or unmade payments. 
  2. Taxable Property.
    • Cold food
    • Certain utility products
    • Prescription medicines
    • Animals raised as human food
    • Feed given to animals raised as human food 
  3. Sales Tax Process in Four Steps.
    • Review sales activities. First of all, you need to review documents reflecting your company’s sales operations and transactions for the last month. The general ledger, sales journals and sales invoices are those documents to check.
    • Consolidate and reconcile monthly activities. Having the documents, you can consolidate sales amounts and calculate the monthly gross sales. Then you can reconcile monthly activities to determine the taxable amount to be paid.
    • Determine tax return and payments. Now you can declare the amount of income resulted monthly from sales activities and determine tax payments to be made to the tax authorities.
    • Support exempt sales activities. If your organization sells property that is not taxable, you need to support the selling process and ensure that the non-taxable goods are not counted for the tax payment. 
  4. Sales Tax Audit.
    • General ledger. Be sure that sales accounts and records are added to the general ledger.
    • Gross sales. All categories of sales should be checked against to sale tax return worksheets to ensure that all sales transitions are recorded and reported.
    • Fixed assets. Review all categories of fixed assets for relevance and correctness. Sales transfers that are out of these assets should be reconciled to sales tax return worksheets to ensure proper reporting of the sales tax.
    • General journal entries. Review all general journal entries in detail to discover potential tax reconciliation and reporting issues.
    • Sales journals. Be sure that unusual or non-recurring sales transactions are reflected in your sales journals.
    • Resale records. Each record in sales invoices characterizing a sale transaction for resale should be checked to determine whether all reselling transactions are supported by property resale certificates.
    • Purchase invoices. Along with sales...

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