1.
Click Settings (upper left corner)
2.
Choose Setup
3.
Select Taxes & Adjustments .
4.
Select existing code to edit or delete or click Add
5.
Enter the information as follows and click Save
Field |
Details |
Code |
Enter in Code for the tax. E.g. TAX or PST. |
Description |
Enter a Description, EG: “Sales Tax” , “Deposit+, “Margin Discount” etc |
Recoverable? |
Indicate if this is a recoverable tax – this is a tax that is applied as part of your purchases but will receive back as a credit from your tax agency. |
Choose either Percentage or Value |
Choose either Value or Percentage from the list. Some taxes or adjustments are a fixed amount and some can be a percentage calculation, in this case choose amount (both amounts can be edited within an invoice) |
Amount |
Indicate the amount (by currency) or the percentage if percentage chosen |
Account |
Enter the
Account that the Tax is applied to in your accounting
records. The chart of account balances to be applied to in the
Accounts window
|
Apply Purchase Amounts to Item Accounts |
In some instances you may wish to apply the tax amount calculated to an item and update the amount to the purchased item rather than to the tax account. For example, a tax on a cleaning supply, you can choose to add the cost of the tax applied to the cleaning supply to the cleaning supply account rather than the normally assigned tax account. |