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Handbook of Business Procedures

Date published: 
Last revised: 
Issued by: 

April 15, 2011
April 15, 2011
Financial Accounting Services

 

Part 5. Sales of Goods and Services - Table of Contents


5.5.2. PAYMENT AND DISTRIBUTION OF TEXAS SALES TAX

The Office of Accounting generates a nightly entry in *DEFINE to sweep sales tax deposits from departmental accounts to a central clearing account. The balance in the clearing account is then remitted to the Texas Comptroller of Public Accounts twice per week.

When a department deposits sales tax, the amount deposited can be viewed in the *DEFINE command GO1 for object code 6032. When the nightly entry is posted to *DEFINE to sweep the sales tax from the departmental account to the central clearing account, the amount transferred can be viewed in the *DEFINE command GO1 for object code 6040 as an offset to 6032. The two object codes should net to zero. Example:

6032 $100 (amount deposited)
6040 <$100> (amount debited)

 

 

Part 5. Sales of Goods and Services - Table of Contents