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QB Switch-- Sales Tax |
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| Goldenseal small business accounting software automatically tracks sales tax on your purchases and sales. It handles sales tax in a way that is similar to Quickbooks. Sales Tax Setup To enter sales tax that you charge customers, choose Income Setup from the Income menu, and choose Sales Tax from the submenu. You can create a separate tax rate for each sales tax amount that you charge. Enter the tax rates and the tax agency that receives payment. To enter sales tax that you pay to vendors, choose Cost Setup from the Costs menu, and choose Vendor Sales Tax from the submenu. You can create a separate tax rate for each sales tax amount that you pay. If you have VAT taxes and deduct what you pay to vendors, choose Cost Setup from the Costs menu, and choose Vendor Withholding from the submenu. Create a vendor withholding that uses Credit to Agency as the Calculation Method. You can also use this item for any other credits or withholding that you have to do, based on purchases from a vendor. Each Customer account includes a Sales Tax Rate field where you can can put the usual rate that you charge this customer. Each vendor account includes a Sales Tax Rate field where you can can put the usual rate that you pay to this vendor. Vendor Sales Tax When you enter a Material Purchase, Subcontractor Cost or Other Cost, Goldenseal fills in the usual sales tax rate for that vendor. You can change the rate if this purchase uses a different rate. If you use a detailed breakdown, click in the Tax column to mark the items that are taxable. Sales & Project Sales Tax When you enter a Sale or Billing Record, Goldenseal fills in the usual sales tax rate for that customer or project. You can change the rate if this transaction uses a different rate. If you use a detailed breakdown, click in the Tax column to mark the items that are taxable. Paying Sales Tax Goldenseal automatically tracks the sales tax that is due to each tax agency. To enter the taxes due as a payable item, choose Pay Bills from the Bank menu, then enter Sales Tax into the popup field at upper right. Double-click on a tax agency to see a detailed list of sales taxes due. Goldenseal creates an Other Cost transaction for the taxes due to each agency. Click here for general info about differences
between Quickbooks and Goldenseal accounting software.
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