How do I set up sales taxes?

How do I set up sales taxes?

Support Team Asked on December 15, 2017 in Sage.
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    Description
     
    • I want to setup sales taxes for sales and purchases in Sage 50-Canadian Edition.  How do I do that?
    • Setup taxes
    • How do I set up sales taxes (GST, PST, QST & HST) in Sage 50-Canadian Edition?
    • How do I set up sales taxes for many provinces?
    • How do I remove a sale tax?
    • How to setup sales taxes
    • How do I set up sales taxes?
    • I set up sales taxes, but there is no tax on invoice
    • How to edit sales tax?
    • How to modify sales tax?

     

    Resolution
     

    Step I: Setup the Taxes

    Note: If you want to remove an existing tax, check additional information at the end of this article:

    1. Select Setup, Settings, CompanySales Taxes, then Taxes.
    2. Complete all fields as they apply for your company/region.Note: If you do business in multiple provinces and you need separate reports for each province, then set up separate taxes for each province, for instance: PST BC (for PST British Columbia), PST SK(for PST Saskatchewan, etc)
    3. Select your tax Paid on Purchases account for Acct to track tax paid on purchases.
    4. Select your tax Charged on Sales account for Acct to track tax charged on revenues.
    5. Select Yes for report on taxes if you would like Sage 50 to generate accurate Tax reports.
    6. Select OK.

    Step II: Setup Tax Codes

    1. Select Setup, Settings, Company, Sales Taxes, then Tax Codes.
    2. Select the Code Column and add up to 2 letters for the code you are creating, for example: G for GST / GI for GST included or GP for GST and PST
    3. After you have entered the code, double click on the Code (i.e.: G) or hit the Enter key on your keyboard. This will open up the Tax Code Details window
    4. Under the Tax Column double click and select the appropriate tax
    5. Ensure your status is correct
      • Taxable: The tax is calculated and charged
      • Non-taxable: No tax calculated, but amounts are reported
      • Exempt: No tax calculated, but amounts are reported
    6. Enter the rate of your tax in the Rate Column. No percent sign is needed
    7. Included in price should be set to No if the tax is to be charged on top of the current price
    8. Is Refundable should be set to Yes if you want the tax to be tracked in its’ own account. GST / HST should be set to Refundable
    9. Select OK to save the Tax code Details
    10. Select OK again to close Sales tax information screen

    Source: Sage Community forums.

    Disclaimer: Sage Accounting Solution is an independent provider of Sage Related services and is not affiliated with Sage.

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    Support Team Answered on December 15, 2017.
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