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Nj Sales and Use Tax

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					Filing Procedures


All departments within the University will report their monthly sales figures in an identical manner to the Corporate
Tax Office. This method will promote proper compliance with state and local sales tax laws.

Each department is responsible for keeping track of its gross sales, taxable sales and sales tax collected. At present,
each department has a different method of keeping track of these items (e.g., Quickbooks, cash register receipts and
handwritten paper receipts, etc.) Regardless of the method used, all departments within the University will be
responsible for reporting monthly sales and sales tax.


Information compiled by individual departments must be forwarded to the CTO on or before the 5 th day of each month.

Appendix 1
Gross sales, taxable sales and sales tax collected must be entered by object code into the attached “Monthly Sales-
Reconcilation to Ledger Worksheet”. Non-taxable sales will be calculated automatically once gross sales and taxable
sales have been entered. These totals must agree with Appendix 2 which is representation of a New Jersey sales and use
tax return.
The total tax collected will populate into the second section of Appendix 1 under the "Monthly Worksheet" column.
Any necessary adjustments must be recorded in Object Code 2118 / Program Value 0130 including but not limited to:
· Adjustments for prior month return, refunds, or reclasses
· Any reclass for improperly booked sales tax (i.e. tax collected but booked improperly in revenue object code)
· Accrual of sales tax not collected to ensure that taxes inadvertently not collected from the customer are paid

Appendix 2

The top portion of the worksheet automatically calculates the sales tax due based on Appendix 1. Appendix 1 and 2 are
the underlying support for filed tax returns. However, all invoices and supporting documentation should be
maintained for 7 years for audits purposes.

Appendix 3
To the extent that a department begins selling any additional products or services during the month, the Corporate Tax
Office must be informed within two weeks of the introduction of the new item. A “New Product/Service Notification
Worksheet”, attached should be submitted, and should contain the following information:
(a) A description of the product,
(b) When the product was introduced,
(c) What is the expected customer base and
(d) The 26-digit account number for reporting the new revenue stream

Centers must collaborate with the Corporate Tax Office as soon as possible regarding the taxability of any additional
products or services but no later than two weeks prior to the sales of the new item(s).
Trustees of the University of Pennsylvania                                  APPENDIX 1
Monthly Sales - Reconciliation to Ledger


Department:
Month/Year:




        Object                  Gross            Taxable   Non Taxable              Tax
        Codes                   Sales             Sales       Sales               Collected

                     4320   $            -   $         -            $0.00     $          -
                     4321   $            -   $         -            $0.00     $          -
                     4322   $            -   $         -            $0.00     $          -
                     4340   $            -   $         -            $0.00     $          -
                     4350   $            -   $         -            $0.00     $          -
                     4360   $            -   $         -            $0.00     $          -
                     4361   $            -   $         -            $0.00     $          -
                     4370   $            -   $         -            $0.00     $          -
                     4371   $            -   $         -            $0.00     $          -
                     4380   $            -   $         -            $0.00     $          -
                     4398   $            -   $         -            $0.00     $          -
                     4399   $            -   $         -            $0.00     $          -
                            $            -   $         -   $          -       $          -




                                Month          Monthly            BEN
                                Posted        Worksheet        Financials
Sales Tax                                    $       -
  Adjustments                                $       -
    Additions                                $       -




    Subtractions



Adjusted Sales Tax                           $         -   $           -
UNIVERSITY OF PENNSYLVANIA                      APPENDIX 2
NEW JERSEY DIVISION OF TAXATION



             Department:                            0
              Month/Year:                     January-00



                                                                                 Total


    1 Gross Sales                                                           $             -
    2 Deductions                                                            $             -
    3 Balance Subject to Tax                                                $             -

    4 Sales Tax Due
         a. Amount collected
         b. Line 3 x 7%
         Enter the greater of 4a or 4b                                      $             -

    5 Use Tax Due

    6 Total Tax Due (Line 4 plus Line 5)                                    $             -

    7 Total Monthly Payments

    8 Amount due (Line 6 minus Line 7)                                      $             -

    9 Penalty and interest

  10 Adjusted amount due (Line 8 plus Line 9)                               $             -




7/16/2010               D:\Docstoc\Working\pdf\08c56252-a5cc-4f97-bd75-4e587d6bfa9d.xls
Trustees of the University of Pennsylvania                                                                                APPENDIX 3
New Product/Service Notification Worksheet

Department:                          0
Month/Year:                    January-00


                               Introduction
   New Product or Service          Date                                 Description                                Possible Customers




                            Please submit this form within 2 weeks of introduction of new product or service to: Corporate Tax Office
                                                                                                                 3451 Walnut Street
                                                                                                                 Room 329 Franklin Building
                                                                                                                 Philadelphia, PA 19104-6284

				
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