How do I set up sales taxes?
- 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?
Step I: Setup the Taxes
Note: If you want to remove an existing tax, check additional information at the end of this article:
- Select Setup, Settings, Company, Sales Taxes, then Taxes.
- 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)
- Select your tax Paid on Purchases account for Acct to track tax paid on purchases.
- Select your tax Charged on Sales account for Acct to track tax charged on revenues.
- Select Yes for report on taxes if you would like Sage 50 to generate accurate Tax reports.
- Select OK.
Step II: Setup Tax Codes
- Select Setup, Settings, Company, Sales Taxes, then Tax Codes.
- 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
- 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
- Under the Tax Column double click and select the appropriate tax
- 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
- Enter the rate of your tax in the Rate Column. No percent sign is needed
- Included in price should be set to No if the tax is to be charged on top of the current price
- 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
- Select OK to save the Tax code Details
- Select OK again to close Sales tax information screen
Source: Sage Community forums.
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