Comparing Bank Deposits With Gross Receipts

Deposits-to-gross receipts-2.jpg

Total sales from bank statements divided by 1+GRT rate should equal total gross receipts on gross receipts tax report. (for example $100.00/1.08.


Important: If the sales reported on your federal income tax return exceed gross receipts by more than the amount of the tax, you could be audited by the Taxation & Revenue Dept.

Also see Calculating Gross Receipts.