The Barre daily times. (Barre, Vt.) 1897-1959, 1918-09-18
ACCURATE ACCOUNTING
Is Being Urged on All Retail Merchants
of the United States.

| Washington, D. c., Sept. Is.-Througl
the medium of the retail credit
mems associations boards of trade
chambers of commerce and wholesaler.
and Jobbers, Commissioner of Internal
Revenue Daniel c. Roper is sending n
the retail merchants of the country a
personal letter urging the necessity for
maintaining an accurate system OF ac-
counts
The $8,000,O00,0O0 revenue bill nov
pending in Congress means an average
tax OF SIG for every man. woman and
enid In America. I'm many businesses.
says Commissioner Roper. "taxes will be
one OF the largest items of expense. II Il
OF the utmost Importance, therefore. that
every concern, large or small. whether
corporation, partnership or individual.
shall MAINTAIN an exact record of its re-
celpts and expenses, in other words keep
ing accurate accounts. Taxes should be
considered as an expense for the wear for
which they are assessed rather than for
the year In which they are actually paid
and the necessary reserves should be
provided at once.
No special system OF accounts ia pre.
scribed by the bureau of internal reve.
nue., but the books should show in de-
tan inventories, purchases, sales, cant
TAI investments, depreciation, and sim
liar items required in making up income
tax returns.
Every merchant should study the in.
come tax law and regulations aud see to
1t that his accounts are kept in man
ner that will enable him to determine
his net income for taxation purposes.
Aside from the necessity of keeping svs
tematic accounts in order to comply with
the governments requirements, every
progressive merchant should adont an
approved accounting system for the good
OF ms own business. In no other wav
can he further his financial interests
more effectively
The bad debt loss of the nation. which
runs into large figures annually, ia due
IN large measure to inexperience and In.
abllity' II merchants would keep even
the simplest books of account the bad
debt wastage would be reduced mate.
rally, for inability and inexperience
are usually marked by the absence of an
accounting system.
The man who knows the exact condi |
lions OF his business from dav 10 dav
has an Unreasonable advantage over the
individual who has no records lipon
which to base his operations. 1t is the
duty OF every citizen, especially in these
war times, to keep in such close touch |
with his business through record keen. |
ing and otherwise as to maintain the |
greatest efficiency and render to his gov. |
eminent every cent due in taxes"
1t is expected through the various
agencies employed by the bureau to
place one of these letters in the hands
Of practically every retail merchant in
the United States. The National Asso-
citation Of Credit Men, with Headquarters
IN New York, not only has assured the
bureau of its cooperation in the dis.
semnation Of the letter, but it is at
work on a uniform system of accounting
10 be supplied to merchants at cost.
Credit men generally" said repre-
of the national association,
have found by experience that large
mount of failures result because tho
men who fail do not have regular sys-
,em OF accounts, and therefore do not
snow their financial condition from time
% time, The National Association Of
jredlt Men recognizes this condition, and
las been cooperating with retailers in
movement to remedy the situation
Persons, corporations, partnerships and
associations liable to any tax imposed
~ the war revenue act are required to
,eep such records and render under oath
UGH statement of their accounts az the
commissioner of internal revenue NAV
'rescribe.
BY adopting and maintaining an &C.
urate system of accounting, the mer. (
hant, it is pointed out by Commission. .
r Roper, will be able to place before
he internal revenue inspector book rec
rds showing how he arrived at his state
lent OF. net income, thus saving himself
nnoyance and expense and at the same
lme facilitating the governments task
( collecting the war revenues.