<![CDATA[FrontAccounting forum — Shipping Charged Account]]> https://frontaccounting.com/punbb/viewtopic.php?id=1908 Fri, 25 Feb 2011 04:34:49 +0000 PunBB <![CDATA[Re: Shipping Charged Account]]> https://frontaccounting.com/punbb/viewtopic.php?pid=8387#p8387 I agree with Joe here. in a GST/VAT environment, you have to allocate the freight charges to sales so that when you do your tax returns you can reconcile tax  collections against sales.

Why do I know? My accountant picked this up when he did my tax returns as I was charging it to COGS by a default chart of accounts.

]]> Fri, 25 Feb 2011 04:34:49 +0000 https://frontaccounting.com/punbb/viewtopic.php?pid=8387#p8387 <![CDATA[Re: Shipping Charged Account]]> https://frontaccounting.com/punbb/viewtopic.php?pid=8368#p8368 No, you should use an outgoing freight account in the Sales group. You are charging your customer for freight. If there is no such an account in your chart of accounts, simply create one.
The expense freight account is an account for incoming freight that you are paying for.

/Joe

]]> Mon, 21 Feb 2011 23:12:48 +0000 https://frontaccounting.com/punbb/viewtopic.php?pid=8368#p8368