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Clients & Profits features
a complete sales tax accounting system.
The sales tax system features two different sales taxes,
support for client-based sales tax rates, and a sales
tax report that shows tax billed by county (or other tax jurisdiction).
Sales tax is summarized on an accrual basis, so invoices will appear
whether they’re paid or unpaid.
Most sales tax rates are set by client. Each client
account can contain two different sales tax rates, each
with their own default sales tax liability account. The
system’s sales tax settings are copied to new
clients as they are added, automatically. The
client’s sales tax settings can be changed anytime,
without affecting old invoices.
The names of the sales taxes you collect are
customizable. Sales tax rates can have up to 4 decimal
places. They are entered as numbers, not percentages
(e.g., a 7 1/2 % sales tax rate would be entered as 7.500
and not .075).
Sales tax is based on the client’s job tasks. Each
job task can be marked as taxable or non-taxable. When a
job is billed, the sales tax settings are copied from the
job tasks to the invoice -- along with the client’s
sales tax rates and liability accounts. If the job tasks
are taxable, sales tax will be calculated when the
invoice is posted.
If a client has no sales tax rate, all work for the
client will be considerable “non-taxable”
unless the invoice is entered otherwise.
To change your sales tax settings
Sales tax settings can be changed
anytime. Since these settings affect all users, it’s
best to make these changes when no one is using Clients
& Profits; if so, you’ll experience record
locking until each user saves whatever it is they’re
working on.
1 Choose Setup > Preferences > Sales
Tax.
The Sales Tax Settings window opens.
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Sales tax preferences.
The standard sales tax rate is copied from
Preferences to new clients. Since each client
may have different sales tax rates, you can
customize the client’s rate without
affecting other clients -- or these rates. The
sales tax description appears on printed
estimates and invoices. Sales tax will credit a
liability account in the General Ledger with A/R
invoices are posted.
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3 Make your changes to the
default sales tax settings, then click Save.
The name of each sales tax can be customizable. Changing
the name applies to all clients, tasks, and invoices --
although the sales tax rates can vary from client to
client.
Clients & Profits features a complete sales tax
accounting system. Since sales tax is an agency-wide
setting, these preferences are copied automatically to
all users.
To print a sales tax report
The sales tax report is based on posted
client invoices. The report is printed from Accounts
Receivable, and can be printed for any period.
1 Choose Accounting > Accounts Receivable.
2 Choose File > Print A/R Reports.
3 Click the Summaries report heading.
4 Enter a range of dates, then choose an
accounting period.
5 Select the Sales Tax report, then click
Print.
To print the quarter’s sales tax report, enter the
beginning and ending dates for the quarter then choose
All Periods from the Periods pop-up menu.
Sales tax is summarized on an accrual basis, so invoices
will appear whether they’re paid or unpaid.
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