BridalLive operates on the Generally Accepted Accounting Principles, or GAAP. According to the GAAP, a sale is not a sale until the ownership of the merchandise is transferred to the customer.
You will tell BridalLive you are ready to recognize the revenue for your items by completing the transaction. Once the transaction is completed, your sales tax for the transaction will be reflected in your Sales Tax Report and Sales Tax Journal based on the completion date.
You can find Sales Tax Reports in Reports > Sales Reports. There are two Sales Tax Reports:
- The Sales Tax Report will show you the total Sales Tax due for Transactions marked as Complete during the given period.
- The Sales Tax Journal will show a breakdown of Transactions Completed during the given date range alongside the Sales Tax for each one.
A Pending Order
The Sales Tax Report with no Completed Transactions for the Day
A Completed Transaction
The Sales Tax Report with the Completed Transaction
What if I pay Sales Tax when an Order is placed?
If you choose not to pay your Sales Tax by GAAP, you can still use BridalLive to find your Sales Tax! For this, you'll want to use the Transaction Journal in Reports > Sales Reports. This report shows a breakdown of Transactions, including Sales Tax.
Run this Report using the Trx. Start and Trx. End date fields to see all Transactions created during the given period. The total of the Sales Tax column will be your Sales Tax due.
What if I pay Sales Tax as I Collect Payments?
If you choose to pay Sales Tax as payments are received, you can still use BridalLive to find your Sales Tax! For this, you'll want to use the Sales Tax Item Journal in Reports > Sales Reports > Sales Tax Item Journal. This report shows a breakdown of payments, including Sales Tax collected in proportion to the payment amount.
Run this Report using the Payment Start/End Date fields to see all payments received during a given date range. The total of the Tax column will be your Sales Tax due based on payments made within the filtered date range.
What happens when I Uncomplete a Transaction?
When a Transaction that was previously Completed is Uncompleted, it will be accounted for in the Sales Tax Report for its new Completion Date. If you have already paid Sales Tax for the Transaction, you will need to edit the Completed date following the directions found here.