Explanation of Sales Tax Accounts Home | FAQs & Troubleshooting

 

Sales Tax Account Maintenance allows each company to set up an Accounts Receivable Sales Tax general ledger account number; Accounts Payable Sales Tax, Use Tax, and Nonrecoverable Tax account numbers; a registration number; and an exemption number for each tax code. If you enter an account number in the Nonrecoverable Tax Account field, this number will override the general ledger account number entered in Division Maintenance, thereby allowing you to post sales tax by tax code (when set up to be 100 percent nonrecoverable).

Purchase information can also be viewed for each tax code. In addition, you can set up opening balances for any sales tax amounts that are not processed during the normal invoicing update routines. Although not recommended, these amounts can be changed at any time. When modified, adjust prints on the Sales Tax Report.

For more information, see:

Set Up Sales Tax Information

Sales Tax Account Maintenance