Allow Tax Type Postings
Enable users to enter tax transactions into the journal. Check the listing on the Tax
Codes tab to ensure tax codes are in use. Working Papers automatically
calculates the tax based on the tax code entered.
Default Tax Code
If Allow Tax Type Postings is selected, click the look-up button
(or press F8) to select a tax code from the drop-down list (e.g., G.S.T.
or P.S.T.). The list of codes can be created or modified by clicking the
Tax Codes tab.
When a tax code is specified, Working Papers automatically
multiplies the Gross amount of each transaction by the tax rate and enters
it in the Amount, Debit or Credit column as applicable.
Note
-
If, at some time during the
year, tax entries are no longer wanted in a particular journal entry,
change the tax rate of the tax code to 0%. Be aware that all entries using
this tax code will be affected by this change.
Show Debit and Credit Columns
Enable users to display both debit and credit columns on the adjusting journal entry dialog. The Account column is hidden allowing entry of credit and debit amounts into two separate columns.
Tip:
- Clear this check box to treat positive amounts as debits. Credit amounts must be preceded or followed by a minus (-) sign.
Manual Tax Amount Entry
Enable users to enter manual tax amounts into the
journal that are used for reference purposes only. The tax amounts are
not posted to the General Ledger and will only display in General Ledger
reports with the option to Show Tax Column selected. The journal displays
a column for the tax code and for the tax amount, but the tax code column
shows a "-" denoting a manual tax entry. The user manually enters
the amount in the tax column.
Important: To
enable the posting of manual tax amounts, select a Default Tax Code that
has the option Allow manual tax amount override in journals selected.
Click on a field in the screen shot below to view its description
