10. Assigning Tax Codes
From TrueERP wiki
Overview
Assigning Tax Codes
Assigning Tax Codes - Did the assignment of the Tax Codes make sense and how they affect the Tax Reports and the auto loading into transactions?
When creating a New Account or Product select a Tax Code for the account, this Tax Code will auto load when creating transactions in ERP. It is important to ensure that the correct Tax Code is used as the entries made will automatically feed into the Tax Report. If the tax codes are incorrect for an Account or Product this will affect the report.
- To access Tax Codes select the Accounts drop down menu from the window top menu.
- Select Tax Codes and then select Tax Code List.
- A list of the Tax Codes are already configured in ERP Software. Some of these codes will never be used by the majority of businesses and are therefore Inactive by default but can be made Active if required.
- To Activate a tax code double click the required code then tick Active in the new window that opens and Save
- For Creating New Tax Code. Select Accounts from the windows top menu, select Tax Codes from the drop down and then select Tax Code to create a new Tax Code.
- Always consult your accountant and ERP Support before creating a new tax code as there may be implications for reporting.
