Calculate & Remit Sales Taxes
This Help File Page was last Modified on 04/15/2012
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Calculate & Remit Sales Taxes This Help File Page was last Modified on 04/15/2012 |
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Calculate & Remit Sales Taxes This Help File Page was last Modified on 04/15/2012 |
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| □ | The Decision - How should you Calculate & Remit Sales Taxes? |
| • | Determine whether you will Remit Sales Taxes based on sale's Invoice or the actual Receipt. |
| • | This decision must be based on the rules of your State and/or Federal Taxing Authorities. |
| □ | Accounts Receivable module steps to Charge Sales Tax: |
| 1. | Indicate how any National and/or Local Sales Taxes are handled in User Options on the Tax tab. |
| 2. | For calculating and assessing Local Sales Taxes when their is no National Sales Tax (the US has no National Sales Tax, Canada does), create the needed Sales Tax Classes. |
| 3. | On the Subscribers Form's Accounting Info tab enter the required Sales Tax assessment information. |
| 4. | Sales are entered indicating which Detail Line Items will be assessed Sales Tax. |
| 5. | Post the Receipts for these Sales. |
| 6. | Allocate your Receipts (and by default the Sales Taxes that were paid) to the appropriate Invoice(s). |
| □ | Reports for calculating Sales Taxes Owed: |
| • | Sales Taxes Collected Report - Used if you remit the Sales Tax on an "As Collected" basis. |
| • | Sales Taxes Invoiced Report - Used if you remit the Sales Tax on an "As Billed" basis. |
| • | Sales Tax Breakdown Report - Provides the detailed information for Taxing Authorities that have multiple Local Option Sales Tax Rates |
| □ | Accounts Payable module steps to Remit Sales Tax: |
| 1. | Create a Vendor for all the Departments of Revenue to which you remit the tax. |
| 2. | Determine whether you will Remit Sales Taxes based on Invoices or Receipts - see The Decision above. |
| 3. | Calculate the Sales Tax that you are required to remit to each Taxing Authority using either the Sales Taxes Collected Report or Sales Taxes Invoiced Report. |
| 4. | Create Purchase Invoice(s) for the amount of Sales Tax that is due |
| 5. | Create a Payment for the Sales Tax Invoice(s). |
| 6. | Print the Checks and mail them in a timely manner, and with the required reporting documentation. |