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G/L Tax Code Tab

This section includes the fields and descriptions for the G/L Tax Code tab.

G/L Tax Code Island

Field Description
Name In this field, you can specify the name of the current tax code.
Tax Rate In this field, you can specify the percentage rate of the current tax code.
Ratio In this field, you can specify the deductible ratio of the receivable tax or charge. Companies with both taxable and tax-exempt sales are not entitled to deduct the full tax amount on expenses. If, for instance, only 70% of the receivable tax can be deducted, you must specify 70 in this field. If you have specified a dimension combination which refers to the account for ratio tax, the remaining 30% will be posted on the account specified by means of the dimension combination. If no account for ratio tax is specified, the remaining 30% will be posted on the same account as the expense from which the tax amount has been calculated. Note that this allocation only applies to manual postings. It is only possible to specify a ratio for receivable G/L tax codes as the ratio for payable tax codes is automatically set at 100.
Tax Direction In this field, you can select the tax direction of the current tax code. You can choose between “Receivable,” “Payable,” “Withholding Tax Receivable,” (used on customer payments) and Withholding Tax Payable (used on vendor payments).
Nature of Tax In this field, you can specify whether registrations in the window General Journal are to be linked to either taxable, tax exempt or export item sales when you calculate tax in the Tax Settlement workspace. The field only applies to payable tax codes.

It is only necessary to specify tax codes if you wish to register outgoing invoices directly in the window General Journal. If you register tax-exempt or export item sales in this way, you must create a G/L tax code with a tax rate of 0%. The tax rate is used in connection with tax calculation. The tax basis of entries for which you have selected either “Taxable,” “Tax Exempt,” or “Export” in this field will be added to item sales originating from invoices or credit memos.

Default Tax Type In this pop-up field, you can choose a tax type. Tax types are created in the pop-up field “Tax Type” in the Popup Fields workspace in the Set-Up module. In connection with posting, the tax type will be transferred to the entry that causes the tax settlement, and it is hereby possible to distinguish between different types of tax.
EU Acquisition Tax Code By completing this field, you can specify that the G/L tax code is used for EU acquisition tax.

For receivable EU acquisition tax codes, the tax amount is not calculated on the basis of the original amount as in the case of ordinary G/L tax codes. The full amount of the originally specified amount will be posted, and the tax which is calculated from the field “EU Acquisition Tax Rate” will be posted on the account referred to by the dimension combination specified in the field “Tax” in the Posting References island, and offset against the account referred to by the dimension combination specified in the field “EU Acquisition Tax.” If you have specified a ratio, the EU acquisition tax will be calculated fully, whereas the non-deductible part of the tax amount will be posted on the account for tax reconciliation. If the latter has not been specified, the amount will be added to the expense itself.

It is not possible to specify an EU acquisition tax rate or tax code for payable EU acquisition tax codes. Payable EU acquisition tax codes are used exclusively for manual postings of EU item sales as the G/L entries will be marked EU Sale and thereby appear in the field “EU Sale” on the tax settlement.

EU Acquisition Tax Rate In this field, you can specify an EU acquisition tax rate to be used for the calculation of EU acquisition tax. For receivable EU acquisition tax codes, the tax amount is not calculated on the basis of the original amount as in the case of ordinary G/L tax codes. The full amount of the originally specified amount will be posted, and the tax which is calculated from the field “EU Acquisition Tax Rate” will be posted on the account referred to by the dimension combination specified in the field “Tax” in the Posting References island, and offset against the account referred to by the dimension combination specified in the field “EU Acquisition Tax.” If you have specified a ratio, the EU acquisition tax will be calculated fully, whereas the non-deductible part of the tax amount will be posted on the account for tax reconciliation. If the latter has not been specified, the amount will be added to the expense itself.

For payable EU acquisition tax codes it is not possible to specify an EU acquisition tax rate or an EU tax account in the field “EU Acquisition Tax.” Payable EU acquisition tax codes are used exclusively for manual postings of EU item sales as the G/L entries will be marked EU Sale and thus appear in the field “EU Sale” on the tax settlement.

Investment Tax Island

Field Description
Investment Tax Rate In this field, you can specify the tax rate for the current tax code sublevel for investment tax.
Entry Description This field shows the text for the entry.
Create Separate Job Entry In this field, you specify whether Maconomy is to create a separate job entry for the investment tax entry when posting new job-related vendor invoices on which the current G/L tax code has been specified. No markup is calculated for the investment tax entry, even if a markup percentage is specified for the activity.

If you mark this field, Maconomy will create separate job entries for the vendor invoice amount excluding tax and the investment tax amount to which the vendor invoice gives rise. The amounts are thus shown separately on job invoices created in the Job Cost module.

If you do not mark this field, Maconomy will include both the vendor invoice amount excluding tax and the investment tax amount in the same job entry when posting a job-related vendor invoice.

Posting References Island

Field Description
Tax In this field, you can specify the number of a dimension combination which contains the account number and any other dimensions that you wish to apply to the posting of receivable or payable tax, depending on your selection in the field “Tax Direction.”
Ratio Tax In this field, you can specify the number of a dimension combination which contains the account number and any other dimensions that you wish to apply to the posting of ratio tax. The information will be transferred to entries that are related to nondeductible tax amounts in relation to the specified ratio in the field “Ratio.” If you do not enter a dimension combination in this field, the amount will be added to the expense itself. It is only possible to specify a ratio for receivable tax codes.
EU Acquisition Tax In this field, you can specify the number of a dimension combination which contains the account number and any other dimensions that you wish to apply to the posting of EU acquisition tax. For payable EU acquisition tax codes, it is not possible to specify a dimension combination. Payable EU acquisition tax codes are used exclusively for manual postings of EU item sales as the G/L entries will be marked EU Sale and thus appear in the field “EU Sale” on the tax settlement.
Investment Tax In this field, you can specify the number of a dimension combination which contains the account number and any other dimensions that you wish to apply to investment tax. Investment tax is only used in Norway.
Investment Tax, Offset In this field, you can specify the number of a dimension combination which contains the account number and any other dimensions on which Maconomy should set off investment tax entries. When investment tax is posted, Maconomy needs to set off the investment tax amount. If you enter a dimension combination in this field, the amount is set off on the account and other dimensions in this dimension combination. If you do not enter a dimension combination, the amounts are set off on the P&L account and the other dimension values used on the entry which gave rise to the investment tax entry.
Investment Tax, Basis In this field, you can specify the number of a dimension combination which contains the account number and any other dimensions that you wish to apply to basis entries for investment tax. This type of entry is only used in Norway.

Access Level Island

Field Description
Access Level In this field, you can specify a description and name for an access level for the current G/L tax code. If an access level is specified, only users who have been granted access to this access level or higher can use the G/L tax code when registering information in Maconomy windows. In this workspace, a user can only see a given G/L tax code if he or she has been granted access to the access level specified for the G/L tax code in question, or a higher level. Please note that this access control only applies if the standard access control configuration has not been changed in your Maconomy system. If it has, the access to G/L tax codes may depend on other factors. For further information about the standard access control configuration, please see “Introduction to the Access Control System” in the Set-Up module.

If you do not specify an access level, all users will have access to see information about the current G/L tax code.

User Island

See the chapter “Getting Started” for a description of the fields in the User island.