to select, the taxable entity ID that you want on this record. Establish taxable entity information on the Configure Company Information screen. The taxable entity description displays in the field next to its code.Use this screen if you have multiple taxable entities in your database. The information in this table overrides the Local Taxes table. If you have only one taxable entity, use the Manage Local Taxes screen to set up local income tax withholding.
You can use this screen to set up multiple local records for each taxable entity in your database. You can enter and store local tax identification numbers for each locality that belongs to each taxable entity, and enter and store taxable entity-specific general ledger account numbers for each locality. You can reduce data entry by using the Clone Record feature to copy similar records and updating only those fields that differ from record to record.
You can assign the same locality code to each taxable entity, yet enter a different description for those codes. For example, suppose that you have two taxable entities that each have a locality called East. Suppose that you want the description for the East locality for taxable entity 1 to read: East-District 1, but you want the East locality for taxable entity 2 to read: East-District 5. To do this, you would enter the following for Taxable Entity 1:
Locality Code: East
Description: East-District 1
Taxable Entity: 1
For Taxable Entity 2, you would enter:
Locality Code: East
Description: East-District 5
Taxable Entity: 2
Set up this screen before running the first payroll in Costpoint. You can add to or modify this table at any time. However, because it contains control information that is used to calculate local income tax withholding, you must make additions or modifications before running the next payroll. Additions or modifications are necessary when the information in one or more of the tables becomes outdated
Enter, or click to select, the taxable entity ID that you want on this record. Establish taxable entity information on the Configure Company Information screen. The taxable entity description displays in the field next to its code.
Enter a locality, or click to select a locality code. A description displays in the field to the right.
Enter the identification number that has been assigned to this company by the locality you entered. In many cases, that number is similar to your Federal ID number.
Tax identification numbers can be found on quarterly forms and also on income tax withholding payment coupons.
Enter, or click to select, the A/P vendor ID that is used when creating A/P vouchers for local tax withholding. When you click , only those vendor IDs who are not on hold, and whose Payroll Vendor check box is selected on the Manage Vendors screen, display.
Enter, or click to select, the A/P vendor ID that is used when creating A/P vouchers for local tax accruals. When you click , only those vendor IDs who are not on hold, and whose Payroll Vendor check box is selected on the Manage Vendors screen, display.
Enter the general ledger account number to which local income tax withholding for this company is posted, or click to select a general ledger account number. This is a required field.
Enter, or click to select, the reference number that is posted for local withholding amounts.
Enter, or click to select, the reference number that is posted for local withholding amounts.
Enter the general ledger account number for posting employer accrual accounts, or click to select a general ledger account number. This is a required field.
Enter, or click to select, the reference number for recording local tax accruals.
Enter, or click to select, the reference number for recording local tax accruals.
Enter the general ledger account number for posting employer expense amounts, or click to select a general ledger account number. This is a required field.
Enter, or click to select, the reference number for recording local tax expense.
Enter, or click to select, the reference number for recording local tax expense.