how to cap sales tax on purchases over a certain dollar amount.


D

dav

How do I cap sales tax on purchases over a certain dollar amount.

----------------
This post is a suggestion for Microsoft, and Microsoft responds to the
suggestions with the most votes. To vote for this suggestion, click the "I
Agree" button in the message pane. If you do not see the button, follow this
link to open the suggestion in the Microsoft Web-based Newsreader and then
click "I Agree" in the message pane.

http://www.microsoft.com/office/community/en-us/default.mspx?mid=642060b7-235e-4af9-9036-4f3dc217fbcd&dg=microsoft.public.sba.general
 
Ad

Advertisements

L

Lance [MSFT]

Tax codes don't have a max limit setting, but you can add or subtract taxes
from the invoice using a tax line in order to subtract off any excess tax
over your area's limit.

Example case:
Suppose my city taxes sales at 2% of the first $1000 of any one sale, and no
tax needs to be collected for the portion in excess of $100.

I make a $1200 sale. The program sets the tax to .02 * $1200 = $24 but it
should be only .02 * $1000 = $20. So I need to reduce the tax by $4

To fix it, I add another line on the invoice. In the line type column (the
one with the little item picture) I pick sales tax. In the item column I
pick the city tax code. In the quantity column I pick -1, which means the
line will be subtracted from the invoice. In the unit price column I pick
$4, which is the amount of the excess tax. In the description column I enter
something like 'No city sales tax due on amounts of $1000) When I save the
invoice $4 will be subtracted from the taxes due to my city, resulting in an
invoice with the correct tax amount.


This posting is provided "AS IS" with no warranties, and confers no rights.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top