You may want to learn more about sales tax concepts from your accounting software. This will help you understand how to use sales tax items, rates, and codes to track the sales tax you collect from your customers and pay to your tax agency. Here is some information on about tax codes provided by QuickBooks.
Depending on where you do business, you may be required to collect sales tax for the products or services you sell.
You need to know the sales tax requirements for the location where you sell your products and services.
User will need to establish upfront Sales Tax Codes which he/she will be utilizing during invoice order creation. They should be grouped into Tax Code Names to fulfill this regulatory requirement.
DataQlick will use any Tax Code Name with predefined percentage setup by user on the system.
In DataQlick user must set up Tax Code Names with predefined tax ( in %%.)
ONLY one Tax Code can be used in a single Invoice.
Each item in invoice can be identified as Taxable or non-Taxable.
To create a Tax Code Name:
- Click on the Settings menu on left sliding panel.
- Click on Accounting tab
- Click on Taxes.
- Provide a Tax Code Name.
- Provide predefined % to be used for each specific Tax Code Name.