Entering Tax Information for Transaction Details

For details of taxable withdrawals and bank transfers, you can enter taxes manually, or let the program calculate taxes automatically.

To enter taxes for a transaction detail:

1. Do one of the following:

   • On the Bank Entry screen or the Bank Transfers screen, enter all information for a taxable detail, set the Taxable status to Yes in the detail table, and then click the Edit button.
   • On the Bank Entry screen opened from the Bank Reconcile OFX Statements screen, select the Taxable option, and then click the Edit button.
2. Specify the tax group for the current detail.

   Note: If a tax group is specified in the bank record, it appears as the default.

   The tax authorities, vendor tax classes, and item tax classes associated with the tax group appear in the detail table. You can change the vendor tax class, item tax class, and (if the authority permits) the Tax Included status for each tax authority. However, you cannot change the tax authorities associated with a tax group. More...

   To change a tax class for a tax authority, double-click in the column, then use the Finder to select a different tax class.

   To change the Tax Included status, double-click in the Tax Included column.

3. In the remaining fields, specify how to calculate the taxes for the detail, or enter the tax information manually. More...

   Select the following options as needed:

   • Calculate Tax Amount. Select this option to calculate taxes and display them in the Tax Amount column for each tax authority in the grid.
   • Calculate Tax Base. Select this option to display in the Tax Base column the amount on which taxes are being calculated.
   • Calculate Tax Reporting. Select this option to display (in the Tax Reporting column) the tax amount converted to the Tax Reporting currency (if different from the bank entry's currency) for each tax authority in the grid.

   Tip: You can also click the Calculate Taxes button to automatically calculate taxes and display amounts in the Tax Amount, Tax Base, and Tax Reporting columns.

Last published: 4/8/2016