Income Tax Class for Bank Transactions

Feature

Starting with Goldenseal accounting software 3.6, you can assign an Income Tax Class to each Bank Transaction.

That lets you 'fine tune' your Profit & Loss Statement or Income Taxes reports.

Suggested By

Turtle Creek staff.

Setup

Right now this feature uses an optional field. You'll need to add it to data entry layouts before using it. To do that, follow these steps:

1. Choose Custom Layouts from the Options menu, and choose Transactions from the submenu.
2. Enter Bank Checks into the Transaction popup field at upper left.
3. Click on the Field Tool (4th row left in the tool palette on the left side of the window).
4. Click at a blank spot in the layout, and drag a rectangle where you'd like the field to appear.
5. You'll see a list of optional fields. Choose Income Tax Class, then click OK.
6. Close the window. When Goldenseal asks whether to save changes, click Save.
7. Repeat steps 1 to 6 for Bank Payments and Bank Deposits.

How to Use

To enter an Income Tax Class for a bank transaction, follow these steps:

1. Choose Checking Transactions from the Bank menu.
2. Locate a bank transaction, or create a new one.
3. Enter a category into the Income Tax Class field.

Technical Details

In Goldenseal construction accounting software versions 3.6 and later, Goldenseal uses the value entered into the Income Tax Class field. It will calculate an Income Tax Class if the field is blank. To do that, it uses the expense transaction paid for by the bank check, or fills in a stock category if the expense does not have an Income Tax Class.

Entered 4/12/06 by Casey.