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How to Add a Tax Code

How to Add a Tax Code

Mar 15, 2023

  1. On the user’s menu panel go to Common Info folder then click Tax Codes

    1. If there are existing records, Search Tax Codes screen will open

    2. If there is no existing record, the new Tax Codes screen will open

  2. From Search Tax Codes screen click New toolbar button

  3. Enter necessary details on the form

  4. Click Save toolbar button

Tax Code

Tax code name (ie. Indiana Sales Tax)

Description

A more detailed description of the tax (optional)

Tax Class

User can select from different tax classes created in Tax Classes screen. Required field.

Tax Agency

This is who the tax check will be written to when payment is issued. This tax will be tracked to the tax agency.

Address

User enters address of tax agency.

Zip/Postal Code

Zip/Postal Code of the tax. Required field.

State

User can define the state associated with the tax. Needed to create templates from tax schedule. Required field.

Country

User can define the country associated with the tax. Needed to create templates from tax schedule. Required field.

City

User can define the city associated with the tax. Needed to create templates from tax schedule. Required field.

County

 User can define the county associated with the tax.

Match Tax Address

Default to being checked. If unchecked, the system will not search for a match based on the address and will just tax if it is in the tax group list.

Sales Tax Account

Select from accounts under Sales Tax Account category and Purchase Tax Account category. Required field.

Purchase Tax Account

Select from accounts under Sales Tax Account category and Purchase Tax Account category. Required field.

Tax Adjustment Account

User can select the GL account for Tax Adjustment Account

Add to Cost

If the check box is checked, the tax amount will be added to Cost or COGS.

Tax Exemption Account for Sales

User can select the GL account for Tax Exemption of Sales Tax

Tax Exemption Account for Purchase

User can select the GL account for Tax Exemption of Purchase Tax

Taxable by Other Taxes

A list of other existing tax codes

Tax Only / Balance

  1. If tax only is checked, tax only the amount of the tax by the calculation.  

  2. If balance is checked, tax the base amount plus the tax. 

Expense Account Override

Enable the customer to expense the tax on an item to the expense account.

Include in invoice price

 If the check box is checked, tax will be included in the Invoice Price

Motor Fuel Tax Category

Displays values that matches the Tax Code's State/Province field

Store Tax No.

The tax code will be associated to the Store Tax No. entered used on Registers tracking

Checkoff Tax

If the check box is checked, the calculated amount will be offset into the invoice amount for that line item

Pay To Vendor

 Selection of vendor entities

Texas Loading Fee

"Texas Loading Fee" or "Texas Petroleum Products Delivery Fee". In reality, this is a Tax levied by the State, but not a Fee/Surcharge initiated by a Vendor or iRely Customer.

Effective Date

Date when tax rate will be effective

Calculation Method

Either % of total or an amount per dollar

Rate

Enter either the percentage or the amount per dollar

  1. On the user’s menu panel go to Common Info folder then click Tax Codes

    1. If there are existing records, Search Tax Codes screen will open

    2. If there is no existing record, the new Tax Codes screen will open

  2. From Search Tax Codes screen click New toolbar button

  3. Enter necessary details on the form

  4. Click Save toolbar button

Tax Code

Tax code name (ie. Indiana Sales Tax)

Description

A more detailed description of the tax (optional)

Tax Class

User can select from different tax classes created in Tax Classes screen. Required field.

Tax Agency

This is who the tax check will be written to when payment is issued. This tax will be tracked to the tax agency.

Address

User enters address of tax agency.

Zip/Postal Code

Zip/Postal Code of the tax. Required field.

State

User can define the state associated with the tax. Needed to create templates from tax schedule. Required field.

Country

User can define the country associated with the tax. Needed to create templates from tax schedule. Required field.

City

User can define the city associated with the tax. Needed to create templates from tax schedule. Required field.

County

 User can define the county associated with the tax.

Match Tax Address

Default to being checked. If unchecked, the system will not search for a match based on the address and will just tax if it is in the tax group list.

Sales Tax Account

Select from accounts under Sales Tax Account category and Purchase Tax Account category. Required field.

Purchase Tax Account

Select from accounts under Sales Tax Account category and Purchase Tax Account category. Required field.

Taxable by Other Taxes

A list of other existing tax codes

Checkoff Tax

If the check box is checked, the calculated amount will be offset into the invoice amount for that line item

Motor Fuel Tax Category

Displays values that matches the Tax Code's State/Province field

Store Tax No.

The tax code will be associated to the Store Tax No. entered used on Registers tracking

Effective Date

Date when tax rate will be effective

Calculation Method

Either % of total or an amount per dollar

Rate

Enter either the percentage or the amount per dollar

  1. On the user’s menu panel go to Common Info folder then click Tax Codes

    1. If there are existing records, Search Tax Codes screen will open

    2. If there is no existing record, the new Tax Codes screen will open

  2. From Search Tax Codes screen click New toolbar button

  3. Enter necessary details on the form

  4. Click Save toolbar button

  1. On the user’s menu panel go to Common Info folder then click Tax Codes

    1. If there are existing records, Search Tax Codes screen will open

    2. If there is no existing record, the new Tax Codes screen will open

  2. From Search Tax Codes screen click New toolbar button

  3. Enter necessary details on the form

  4. Click Save toolbar button

  1. On the user’s menu panel go to Common Info folder then click Tax Codes

    1. If there are existing records, Search Tax Codes screen will open

    2. If there is no existing record, the new Tax Codes screen will open

  2. From Search Tax Codes screen click New toolbar button

  3. Enter necessary details on the form

  4. Click Save toolbar button

  1. On the user’s menu panel go to Common Info folder then click Tax Codes

    1. If there are existing records, Search Tax Codes screen will open

    2. If there is no existing record, the new Tax Codes screen will open

  2. From Search Tax Codes screen click New toolbar button

  3. Enter necessary details on the form

  4. Click Save toolbar button

 Terms

  1. From Common Info folder, double click Tax Code

    1. If there are existing records, Search Tax Codes screen will open

    2. If there is no existing record, the new Tax Codes screen will open

  2. From Search Tax Codes screen click New toolbar button

  3. Enter necessary details on the form

  4. Click Save toolbar button

 Terms