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Use this window to create valid Tax Codes and specify the percentages that apply for the taxing jurisdictions indicated. By providing multiple percentages, you can specify, for example, the percentage that applies to a state tax as well as percentages for city and county taxes.
If a taxing jurisdiction changes the percentage or the taxing limit, do the following: (1) change the existing Tax Code to Inactive status, and (2) establish a new Tax Code with current percentages and limits.
Calculate tax on discounted amount?
Select this checkbox if you want taxes calculated on the discounted amount instead of the gross amount.
Select this checkbox if you want taxes to be accrued. The transaction type for accrued taxes is Accr.
Some jurisdictions impose a monetary limit on the amount of tax that can be collected when applying percentages. The limit can be imposed at the line item level or the invoice total level.
To Enter a Tax Code Valid Value:
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1. |
Click Setup on the TabWare Power Panel. The Setup Power Panel window opens. |
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2. |
Click Validation Codes Valid Values. |
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Under Validation Codes, scroll down and click on Tax. |
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Click New to add a new tax code. |
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5. |
Enter a Tax Code and Description. |
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Optionally, select the checkbox for Calculate tax on discounted amount. |
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Enter the percentages to be used when calculating percentages for applicable jurisdictions. For example, a tax rate of six and one-half percent would be entered as 6.5 in the Percent box. |
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Enter an Account or use the search button to find one. |
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Optionally, enter a monetary Limit. If entered, select the level (Detail or Total). |
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Click OK. |