Tax Setup
Purpose
The tax configuration table is where you set up tax codes and percentage charged in accordance with local governing rules. The tax setup includes a General Ledger code to assist with transferring sales data to your preferred ERP.
Fit within the Item & Pricing Hierarchy
Tax codes are associated with Items (products & services) and control the % of the invoiced price to be reported to tax authorities.
Standard Field List
|
Field
|
Description
|
Associated Business Process
|
|
Status
|
Selection list. Options are active/inactive
|
|
|
Territory
|
Selection list.
|
Controls at which organisation level the tax code can be used.
|
|
Code
|
Unique code for the tax setting
|
|
|
Description
|
Descriptive name for tax code
|
|
|
Default Person Tax Group
|
Checkbox to identify if this is mainly used tax group for person records.
|
|
|
Percentage
|
Numeric value used in calculating tax against item prices
|
|
|
GL Code
|
Text field to record General Ledger code
|
Used in ERP integration processes
|
|
Tax Class
|
Selection list determines ERP tax class
|
Used in ERP integration processes
For ease of data transfer and reconciliation, we suggest that the tax code and tax classes in byondpro are the same as the tax codes in your ERP (Sage 300: tax class).
|