Setting up tax codes

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Glossary Index

Lists > Setting up tax codes

Setting up tax codes

Tax codes are used to track tax paid to and by your business. Each tax code represents a particular type of tax, which is used to calculate tax on your transactions.

Your software has an extensive list of tax codes that can be used in a variety of situations—for example, when doing business with overseas customers, when tracking capital acquisitions and so on.

Summary of tax types

Consolidated tax codes

You can create consolidated tax codes by combining two or more tax codes. For example, the CST tax code (with an 8.25% tax rate) is composed of CTY (City Sales Tax) at 4%, STE (State Sales Tax) at 4%, and MET (Metropolitan Tax) at 0.25%.

note : You can only consolidate tax codes that are in your tax code list

Make sure you first create the tax codes you want to consolidate. The rest of the fields are filled in for you and the consolidated tax rate is calculated automatically.

To create a tax code

1	Go to the Lists menu and choose Tax Codes. A list of tax codes appears.

2	Click New. The Tax Code Information window appears.

3	In the Tax Code field, type a code (up to three characters) for the new tax and press Tab.

4	Complete the other fields in this window.



A	Enter a description, type, and rate. If you selected Consolidated as the Tax Type, see Consolidated tax codes.
B	If the Tax Type is Sales Tax, select the linked account for tax collected. If the Tax Type is Import Duty, select the linked account for accrued duty. Select a card that you want to link to this tax code, if applicable.

5	Click OK when you have finished. The new tax code you created will now appear in your tax codes list.

To change the details of a tax code

To delete a tax code

■	Adding a record

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