Tax Codes

Report

1. Tax Coded Audit Report

Table 1: Field Description for Tax Codes

Fields	Description
Tax Code	Enter the tax code.Tax  Code should not contain special characters or spaces.
Description	Detailed description for the Tax Code.
Percent Flag	If the tax is set as  percentage then the tax will be calculated based on the set percentage. For Example, TAXIN price for an item is $5. The Tax Value is 12.5%. Therefore, the actual price of the item without tax will be $4.375,  i.e. 5 - (5 * 12.5%) = 4.375 If the tax is set Value then immaterial of the price of the item, the tax will calculated based on the defined tax rate  which is taken as the fixed amount to be calculated as the tax. E.g. TAXIN price for an item is $5. The defined tax rate is 2 then the actual price of the item without tax will be $3, i.e. 5 – 2 = 3
Inclusive Flag	Specify if the tax setup is "Inclusive" or "Exclusive" of tax.
Void	Records that are "Void" will not appear in any lookup on the system. Users can click on the "Red X" under the menu icons to "Void" or "Activate" a record.
Notes	Users can enter any notes in the notes button. Notes button will be "BOLD" if it has  contents.

Detail

Fields	Description
Tax Code	Enter the "Tax Label" for the "Tax Code"
Description	Detailed description for the Tax Code.
Tax Rate	Tax is calculated according to the value entered in this field.

Figure 1: Tax Code