MAINTAIN TAX TYPES

Use this screen to create and maintain tax type IDs and their characteristics. These are the tax types you see when you use Lookup in the Tax Type column in the Maintain Sales/Value Added Tax screen.

Use this screen when you need to add a new tax type in the Maintain Sales/Value Added Tax screen.

Table Window

Code

After selecting the New Line button on the toolbar, enter up to 10 alphanumeric characters to identify this tax type.

Name

Enter up to 36 alphanumeric characters to describe this tax type.

Default

Select the checkbox in this column for the one row in the table that will be the tax type default. Only one row can be selected as the default.

Accruable

Select the checkboxes in this column for those items that are accruable tax types. Accruable taxes are not immediately remitted to tax authorities. These taxes accrue over many transactions but are paid at one time. An example is a sales tax that is collected over a month of transactions, and then remitted as one payment.

Recoverable

Select the checkboxes in this column for items that are recoverable. A tax is recoverable if either a portion or all of the paid tax is reimbursed to your company. For example, VAT payments on raw materials (unfinished products) that will be completed and sold to another company or person are considered recoverable.