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SedonaSetup Accounts Receivable Setup Tables/Options
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Purpose: |
To define taxing entities for use in calculating sales tax on Customer Invoices and Credit Memos |
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Prerequisites: |
Tax Agency, Chart of Accounts, Item Types |
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Required or Optional: |
Required, if charging your Customers Sales Tax on Invoices. |
The Tax Table is used to define the various taxing entities. Based on the physical location where service is provided (the Customer's Site), you will build your Tax Tables to meet the local taxing jurisdiction’s specific laws or requirements. When a Tax Table entry is created you select the Taxable Item Types that apply to the taxing jurisdiction.
Each Tax Table consists of two data entry forms; one to identify the code and information about the tax table, and the second to identify what date the tax rate when into effect, the tax rate, and the method of calculation to be used for the tax table.
After creating the Tax Tables, these will be linked to a Tax Group. Each Customer's Site is linked to a default Tax Group to determine how to tax goods and services sold.
If your company is not collecting and remitting sales tax to a government agency, you will still need to set up one tax table labeled Non-Taxable and set the tax rate to zero.
Continue on to the following pages for definitions of each field on the Tax Table Setup forms.
FRM 24072
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