Use this screen to create and maintain tax type IDs and their characteristics. These are the tax types you see when you use in the Tax Type field in the Manage Sales or Value Added Taxes screen.
Use this table window to add a new or modify an existing tax type.
Use this field to enter an identification code for this tax type.
Use this field to enter a descriptive name for this Tax Type Code.
Select this check box to set this tax type as the default. Only one tax type can be set as the default.
Select this check box to identify this tax type as an accruable tax. 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.
Select this check box to identify this tax type as a recoverable tax. 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.