Customers often return defective and damaged products to retailers. The difference between gross sales and net sales is the balance in the "sales returns and allowances" account. Companies account for ...

Master how to calculate sales tax and find out how much you'll really pay. Includes tips, examples and local tax rate info.

Keeping sales tax in a separate account can save you from making these common mistakes. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you ...

Elysse Bell is a finance and business writer for Investopedia. She writes about small business, personal finance, technology, and more. Erika Rasure is globally-recognized as a leading consumer ...