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Tax Tables
Tax rates are entered in the Tax Tables section of the system. You can store as many as five different tax rates. You can also control when they go into effect and when the rates expire.
Video
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Step-by-Step
Adding Tax Rates
To add tax rates:
Go to the System Maintenance tab.
Select Financial from the left side panel.
Click on the Tax Tables icon, to open the Tax Tables window.
Click the Load Tax Tables button.
IMPORTANT: The Description # fields, are associated to the corresponding Tax Rate # in the Tax Table. For Example, “Description #1” is linked to “Tax Rate #1”.
A description MUST be entered in order to enter a Tax Rate Percentage in the table. If a description is not entered the Tax Rate # field will not allow for data entry.Fill in the necessary Description #1 Field, this is typically “Sales Tax”.
Fill in the column information in the Tax Table. The below fields are required:
Store - The Store Number.
Tax Class - use the drop down menu to select the appropriate class, if classes are not being used default is the only option.
Start Date - When the tax rate goes into effect.
End Date - When the tax rate ends. (Usually this is left blank.)
Tax Rate #1 - The Sales Tax Percentage.
If an additional Tax Rate needs to be reported use the next available Description # and Tax Rate # Fields (#2, #3, #4, #5) to enter the necessary information.
Reminder;a Description # must be filled in to correlate with the corresponding Tax Rate #. For example if a County Tax is collected in addition to the State Sales Tax rate:
Add a description identifying the tax in the next available field, in this example Description #2.
Add the percentage amount in the associated tax rate column, in this example Tax Rate #2.
Editing Tax Rates
If there is a Tax Rate Change DO NOT modify the existing tax rate but proceed with the below procedures. In this example we will be changing the Sales Tax Rate from 8.25% to 8.5%:
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Add an End Date in the End Date Column of the current tax rate. The end date will be the date that the New Tax Rate goes into effect.
Create a New Tax Rate Line for the required change. In this example we will fill in the below details:
Store Number - 10
Tax Class - Default
Start Date - 2023-01-01
IMPORTANT: The End Date of the current Tax Rate and the Start Date of the New Tax Rate should be the SAME Date.
End Date (if known, this can be left blank).
Tax Rate #1 - Sales Tax increase to 8.5
Tax Rate #2 - remains 2.0
Note: You will need to carry over all tax rates that are unchanged when creating a new tax row.
Tax Rate Changes can be added at any time with future dates. Meaning if you are aware of an upcoming tax rate change you can prepare the changes in advance to ensure everything will be ready using the above instructions.
Once all Tax Fields are filled out appropriately Click Save or F5 on your computer keyboard to complete and save the changes.
Please note: Do not select tab or click on the next available row below the current tax rate. This will automatically start to create a new Tax row which should be avoided.
Tax Report
A standard Tax Summary report is available in the reporting section of the system. The system also allows you to modify the report using the Data Explorer feature.