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Tax Code
Type a code to represent a tax amount. The code can be 1 to 4 characters and may be changed as necessary.
Note: If more than one outstanding synchronized child file exist, the ability to edit an existing tax code ID is disabled.
Description
Type a description for the tax code. Descriptions can be up to 35 characters long.
Percent
Type an applicable tax rate.
Note: If the tax rate is changed, all existing journal or adjusting entries using the tax code will be update to the new amount.
Switch Sign
Select to switch the sign depending on the account balance. For example, taxes payable will switch codes to taxes recoverable if it has a debit balance.
Click on an area in the screen shot below to view its description
