Time for action – setting up sales tax tables
We will set up tax tables for a jurisdiction that has separate taxes for the state, county, and town. Once the tax tables are setup, you can use them to charge the applicable taxes on invoices.
Prerequisites: Make sure you have three sales tax accounts VA Sales Tax, Fairfax Sales Tax, and Vienna Sales Tax of type Liability and with Liabilities as the Parent Account.
From the menu select Business | Tax Tables.
In the Tax Tables dialog, click the New button in the Tax Tables pane. In the Name field, enter VA-Fairfax-Vienna. Enter 4.00 in the Value field, select VA Sales Tax in the Account field drop down, and click OK as shown in the following screenshot.
That accounts for the state sales tax. We now have to add the County and Town taxes.
Click the New button in the Tax Table Entries pane and add the Fairfax Sales Tax of 1.00% and Vienna Sales Tax of 0.50%. After adding these, your tax table should look as shown in the following screenshot:
Click the...
