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Clients & Profits
X 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 Clients & Profits X > Preferences
(Mac) or Setup > Preferences (Windows), then select Sales
Tax from the list on the left.
The Sales Tax Settings window opens.
| 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. |
3 Make your changes to the default sales
tax settings. When you are finished, simply close the window
and the changes you've made will be saved.
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 X 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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