I have bought a business license as well as an arts license and I paid with U.S and CAD respectively.
How do I do the accounting for these transactions becuase I do not see a tax on the purchase??
The VAT total says 0?
Is this correct if I am trying to journalize the transactions?
Debit Software product (price of business license)
Credit cash (price of business license)
?? There is no tax account for this transaction or is it hidden??
I have read scirra long document about taxes but I didn't understand it. Does that mean the taxes are hidden?