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:
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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 E-Statements screen, select the Taxable option, and then click the Edit button.
- 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...
- In the remaining fields, specify how to calculate the taxes for the detail, or enter the tax information manually. More...