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Depending on the states in which you conduct business and the type of business you have, you may be required to calculate sales tax on items sold and items purchased. The software allows you to calculate, track, and report sales tax information. To calculate sales tax, you must define information in Sales Tax Class Maintenance, Sales Tax Code Maintenance, and Sales Tax Schedule Maintenance. Sales tax information defined in these tasks is shared by all companies, and allows the tax structure to be shared by multiple companies. Sales tax account maintenance and all processing and reporting, is performed for each individual company.
The Accounts Receivable and Accounts Payable modules, in conjunction with Library Master, allow you to set up and process sales tax with flexibility. You can maintain and track an unlimited number of tax jurisdictions, process tax-on-tax calculations, and create a structure to tax items at different rates within tax jurisdictions.
Note It is important that you understand the use of nonrecoverable percentages before you set up your sales tax.
For more information, see:
Explanation of Nonrecoverable Percentages
Explanation of Sales Tax Accounts
