In some cases it may be so that you’ve decided to give your clients the right to return either defected or not needed goods or even more regardless of the reason, they have the right to return the goods without questions asked. It’s not only the right to return goods, but also claim what they paid or not pay what they owe.  Continue reading →

When affected by sales tax, you on one hand must keep in mind that the tax is not part of your revenue. On the other hand you still must treat the tax on your statements.

It’s one thing declaring the tax – there are declarations, forms etc. applicable in your country and subject to local guidance. Each country has its own specific regulations for which we suggest you consult your local advisor or legislation yourself.  Continue reading →

Say that you’ve given your clients the right to return their goods subject to conditions. When those conditions are met, some of them use the right. It’s one thing what you do with the goods, another how you account for the returning of the goods in your financial statements.  Continue reading →

Sales tax is something you’re most likely obliged to pay to your local authorities for the sales you’re making. It’s usually a fixed rate for types of goods and services, i.e. in some countries food and essentials have lower rates and luxury items may be subject to higher sales tax rate.  Continue reading →

Provided you’re rendering services under a specific contract over a longer period of time, your sales revenue should also be spread over this same period.

If the service is constant meaning that the content and volumes do not differ from month to month, the revenue could be equally measured to the months. That is if from March 2013 until March 2014 you’re providing a monthly service with an annual fee, each month 1/12 of the fee should be recognized to your sales revenues.  Continue reading →