Tax Codes List - Revision history

Andrew at 00:34, 2 March 2011

2011-03-02T00:34:19Z

Andrew at 00:23, 2 March 2011

2011-03-02T00:23:51Z

Andrew at 00:22, 2 March 2011

2011-03-02T00:22:55Z

Andrew at 00:15, 2 March 2011

2011-03-02T00:15:55Z

Eliza at 23:29, 1 March 2011

2011-03-01T23:29:29Z

Admin: Created page with " More Detail= Customise Toolbar Departments List Foreign Exchange Rate Foreign Exchange Rates List General Reports [[Global Lis..."

2011-01-13T06:32:13Z

Created page with "<menu name=myMenu align=center> More Detail= Customise Toolbar Departments List Foreign Exchange Rate Foreign Exchange Rates List General Reports [[Global Lis..."

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<menu name=myMenu align=center>
More Detail=
[[Customise Toolbar]]
[[Departments List]]
[[Foreign Exchange Rate]]
[[Foreign Exchange Rates List]]
[[General Reports]]
[[Global List]]
[[Locations]]
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== Overview ==

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 ==== The Tax Code List  ====
   =====
 {| cellspacing="1" cellpadding="1" border="0" align="left" style="width: 743px; height: 441px;"
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 <br>
-<br>
+<br> You should not replace any of the above codes as reports such as your BAS depend on the correct tax code being used.
-<br>
+===== United Kingdom  =====
-<br>
+{| cellspacing="1" cellpadding="1" border="0" align="left" style="width: 743px; height: 252px;"
+|-
-<br>
+! align="left" scope="col" | Code
+! align="left" scope="col" | Description
-<br> You should not replace any of the above codes as reports such as your BAS depend on the correct tax code being used.
+|-
 ==== What Tax Codes to Use  ====

@@ Line 38: / Line 38: @@
 ==== The Tax Code List  ====
+ =====
-'''Australia'''
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@@ Line 38: / Line 38: @@
 ==== The Tax Code List  ====
 {| cellspacing="1" cellpadding="1" border="0" align="left" style="width: 743px; height: 441px;"
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 |}
+<br> You should not replace any of the above codes as reports such as your BAS depend on the correct tax code being used.
-−
-−
-−
-−
-−
 You should not replace any of the above codes as reports such as your BAS depend on the correct tax code being used.
 ==== What Tax Codes to Use  ====

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 Below is a list of the Tax Codes that are pre-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.
-'''Accessing Tax Codes'''
+==== Accessing Tax Codes  ====
 *Select the '''Accounts''' drop down menu at the top left of the main screen
@@ Line 30: / Line 30: @@
 Also can go to the '''General''' Tab and select the '''Tax Code List''' button
-'''NOTE'''. Always consult your accountant and ERP Support before creating a new tax code as there may be implications for reporting.
+ Note: Always consult your accountant and ERP Support before creating a new tax code as there may
 *Active tax codes are ticked in the list
@@ Line 36: / Line 37: @@
 *Save
-'''The Tax Code List'''
+==== The Tax Code List  ====
 You should not replace any of the above codes as reports such as your BAS depend on the correct tax code being used.
-'''What Tax Codes to Use'''
+==== What Tax Codes to Use  ====
 '''WC, WET and WGST''' These are only used by wine wholesalers. Wine Equalisation Tax is a value based tax on wine consumed in Australia. WEO applies at 29% of the value of the wine at the last wholesale sale excluding GST.
@@ Line 64: / Line 109: @@
 '''EXP''' EXP is only used for Export Sales and is used to populate Box G2 on the BAS. If you don't make export sales leave inactive
-'''E''' Used for acquisitions officially exempt from GST eg. Bank Fees <br>
+'''E''' Used for acquisitions officially exempt from GST e.g. Bank Fees
 '''NT''' Any other transaction that is not subject to GST
-'''INP, CAI and NCI''' These are Input taxed supplies codes and are only applicable if your business has income streams from Residential Rentals, owns a Gold Mine, owns a Bank or provides Financial Supplies or runs a School Tuck Shop. Most businesses can leave these codes inactive. Otherwise use INP for income, CAI for capital purchases and NCI for non-capital purchses.
+'''INP, CAI and NCI''' These are Input taxed supplies codes and are only applicable if your business has income streams from Residential Rentals, owns a Gold Mine, owns a Bank or provides Financial Supplies or runs a School Tuck Shop. Most businesses can leave these codes inactive. Otherwise use INP for income, CAI for capital purchases and NCI for non-capital purchases.
 '''GST and FRE''' These codes are used for sales. GST where GST is applicable which is most sales and FRE for GST free sales such as medical supplies and some foods. Do not use these codes for purchases or your BAS report will not be accurate
-'''CAG and CAF''' These codes are for Capital Acquisitions. ie. Items that will be depreciated such as cars, furniture etc. Use CAG for acquisitions with GST included and CAF for tax free acquisitions such as Water Rights and items purchased from a source not registered for GST.
+'''CAG and CAF''' These codes are for Capital Acquisitions. i.e. Items that will be depreciated such as cars, furniture etc. Use CAG for acquisitions with GST included and CAF for tax free acquisitions such as Water Rights and items purchased from a source not registered for GST.
-'''NCG and NCF '''These are used for non-capital acquisitions such as inventory, office supplies, phones etc. NCG for acquisitions including tax (the majority of purchases) and NCF for acquisitions that are tax free such as Bank Charges and fees to contractors that are not registered for GST but have an ABN.<br>
+'''NCG and NCF '''These are used for non-capital acquisitions such as inventory, office supplies, phones etc. NCG for acquisitions including tax (the majority of purchases) and NCF for acquisitions that are tax free such as Bank Charges and fees to contractors that are not registered for GST but have an ABN.

← Older revision		Revision as of 23:29, 1 March 2011
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−	== Overview ==	+	== Overview ==
		+
		+	Below is a list of the Tax Codes that are pre-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.
		+
		+	'''Accessing Tax Codes'''
		+
		+	*Select the '''Accounts''' drop down menu at the top left of the main screen
		+	*Select '''Tax Codes''' (to create a new code)
		+	*Select '''Tax Code List''' (opens the list of codes)
		+
		+	Also can go to the '''General''' Tab and select the '''Tax Code List''' button
		+
		+	'''NOTE'''. Always consult your accountant and ERP Support before creating a new tax code as there may be implications for reporting.
		+
		+	*Active tax codes are ticked in the list
		+	*To activate a tax code double click the code and tick Active in the new window that opens.
		+	*Save
		+
		+	'''The Tax Code List'''
		+
		+	'''Code''' '''Description'''
		+
		+	*CAF Capital Acquisition - GST Free
		+	*CAG Capital Acquisition - Inc GST
		+	*CAI Capital Acquisition - for making Input Tax
		+	*E Tax Exempt
		+	*EXP GST Free Exports
		+	*FRE GST Free Supplies
		+	*GST Supplies Including GST
		+	*NT No Tax
		+	*INP Input Taxed Sales
		+	*NCF Non-Capital Acquisition - GST Free
		+	*NCG Non-Capital Acquisition - Inc GST
		+	*NCI Non-Capital Acquisition - for making Input Tax
		+	*WC Combined WET and WGST
		+	*WET Wine Equalisation Tax
		+	*WGST GST on Wine Equalisation Tax
		+
		+	You should not replace any of the above codes as reports such as your BAS depend on the correct tax code being used.
		+
		+	'''What Tax Codes to Use'''
		+
		+	'''WC, WET and WGST''' These are only used by wine wholesalers. Wine Equalisation Tax is a value based tax on wine consumed in Australia. WEO applies at 29% of the value of the wine at the last wholesale sale excluding GST.
		+
		+	'''EXP''' EXP is only used for Export Sales and is used to populate Box G2 on the BAS. If you don't make export sales leave inactive
		+
		+	'''E''' Used for acquisitions officially exempt from GST eg. Bank Fees <br>
		+
		+	'''NT''' Any other transaction that is not subject to GST
		+
		+	'''INP, CAI and NCI''' These are Input taxed supplies codes and are only applicable if your business has income streams from Residential Rentals, owns a Gold Mine, owns a Bank or provides Financial Supplies or runs a School Tuck Shop. Most businesses can leave these codes inactive. Otherwise use INP for income, CAI for capital purchases and NCI for non-capital purchses.
		+
		+	'''GST and FRE''' These codes are used for sales. GST where GST is applicable which is most sales and FRE for GST free sales such as medical supplies and some foods. Do not use these codes for purchases or your BAS report will not be accurate
		+
		+	'''CAG and CAF''' These codes are for Capital Acquisitions. ie. Items that will be depreciated such as cars, furniture etc. Use CAG for acquisitions with GST included and CAF for tax free acquisitions such as Water Rights and items purchased from a source not registered for GST.
		+
		+	'''NCG and NCF '''These are used for non-capital acquisitions such as inventory, office supplies, phones etc. NCG for acquisitions including tax (the majority of purchases) and NCF for acquisitions that are tax free such as Bank Charges and fees to contractors that are not registered for GST but have an ABN.<br>