Procedure: 402-Revenue Accounting
Accounting for Sales Tax Collections
Sales tax must be collected on all taxable items. The web site on revenue producing activities covers policies regarding sales tax as well as Wisconsin Department of Revenue Publication 204.
University departments are responsible for collection and deposit of sales tax, when appropriate, and are liable for penalties assessed for failure to do so. The determination of whether or not an item is taxable should be made prior to depositing the revenue with the Bursar's office or through direct deposit. Accounting Services is responsible for processing the necessary paperwork and submitting the collected taxes to the Department of Revenue.
The gross taxable amount of the revenue should be identified on the appropriate deposit form with the taxable county code if appropriate.
A list of county codes that require more than the standard rate and their tax rates is included in Appendix 4.
Procedure: 402-Revenue Accounting