Adopted:  03/2004
Revised: 08/09/2016

Responsible Office
Division of Finance

POLICY STATEMENT

Appropriate state, county, city and mass transportation tax must be collected on all taxable sales. Additional information about sales tax, the amount of tax to be collected, and what is exempt from sales tax is available at the Business Policy Manual 205 Sales Tax.

NOTE: Use the tax rate applicable to the physical point of sale.

Expanded definition and information for this policy is available under Resources below.

PROCEDURES

The following procedures assist with ensuring compliance with the above policy:

Collecting Sales Tax

Sales tax collected must be identified and set forth separately on cash register receipt, sales slip, credit card sales slip, or invoice.

Refunding Sales Tax Collected

All refunds made on taxable sales items must include the amount of sales tax collected.

NOTE: In bookstore operations, “buy backs” are purchases for resale, not refunds.

Identifying Sales Tax – Tickets

All tickets subject to sales tax must have “This ticket is subject to [applicable %] sales tax” printed, stamped or otherwise endorsed thereon.

Reporting and Paying Sales Tax

All sales tax collected must be reported as income through the applicable billing system or on a Cash Receipts Report using a taxable PeopleSoft account.

Each month based on the previous month’s taxable deposit an automated journal entry is prepared to move sales tax from the taxable sales account to the corresponding liability. UM System Controllers prepares and submits sales reports and payments to the Department of Revenue.

RESOURCES

Cross References

• APM-10.10.80 Expenditures – Sales Tax
• BPM-205 Sales Tax Rates
• BPM-209 Revenue Accounts
• BPPM 1:035 Ticket Sales
• BPPM 2:060 Cash Receipts
• RSMo 144 – Sales and Use Tax
• RSMo 144.014.1 Sales and Use Tax – Food, retail sales of, rate of tax, revenue
• RSMo 144.020 Sales and Use Tax – Rate of tax-tickets, notice of sales tax