Tax Card

Purpose

Tax authorities are individual taxes set by various local, county, and state governments. They are defined on this card, and grouped together into a usable list on the Tax Groups card.

 

Usage

1. Edit the Tax ID

Either type in an ID or select one using the lookup button. To create a new tax go to a new record and type an ID for it.

2. Edit tax details

Description - tells what the tax is for. For example, "Metropolitan City Tax."

Tax % - this is the percentage amount of the tax. For example, if you were entering "Metropolitan City Tax," you would put 1.25% in this field.

GL Account - tax liabilities post to this account in the General Ledger.

3. Put into a group.

In order to use the tax, you will have to put it into a Tax Group. Tax Groups are explained in Tax Group Cards.