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Assign tax export codes

You can assign tax export codes to applicable accounts. The available tax export codes vary depending on the type of tax entity and the tax jurisdiction of the client file.

To assign tax export codes:

  1. On the ribbon, click Account | Assign Groupings | Tax Export Codes.
  2. In the Assign Tax Export Codes dialog, select an account in the Unassigned Accounts pane, then select a corresponding tax code in the Tax Export Codes pane.
  3. Click Assign, then click Apply to save your changes.

The tax export code is assigned to the account.

Notes:

  • You can also assign M3 codes (USA only) to the chart of accounts. There are four types of M3 Tax Codes, designated by a letter suffix. A codes represent M3 Book Amount, B codes are Temporary Amount, C codes are Permanent Amount, and D codes are Tax Amount. Not all tax vendors support D codes, and users should usually not export them.

  • To remove accounts from a tax export code, select the account in the Tax Export Codes pane, then click Unassign.

  • You can assign tax export codes to accounts from the Trial Balance Tax worksheet. Find the applicable account and scroll across until you find the Tax Export Code column. Click in the corresponding cell to select the tax export code.

  • For tax export codes marked with * in the list, you can define sub codes and assign accounts to those sub codes. If using sub codes, however, do not assign an account to the top-level tax code or there may be problems during the export of information. If the tax code has no user-defined sub code, an account can be assigned to it with no problem.

Insert / modify tax export codes

You can add your own tax export codes, or modify existing codes from the Assign Tax Export Codes dialog.

  1. On the ribbon, click Account | Assign Groupings | Tax Export Codes.
  2. In the Assign Tax Export Codes dialog, right-click the Tax Export Codes pane and click New Tax Export Code....

  3. The Insert/Modify Tax Code dialog displays. Fill in the applicable properties for the new tax code.

    Option Description
    Tax Code

    Type a code to represent a tax amount. The code can be one to four characters in length and may be changed as necessary.

    Note: If there is more than one outstanding sync-copy of the file, you cannot edit an existing tax code.

    Description

    Type a description for the tax code. Descriptions can be up to 35 characters long.
    Percent

    Type an applicable tax rate.

    Note: If you change the tax rate, all existing journal or adjusting entries using the tax code will be updated 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 OK.

The new tax export code is created and ready to be assigned.

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