Tax Rate

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Revision as of 17:51, 16 February 2017 by Ncarter (talk | contribs) (Text replace - "import" to "import")
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Icon.Tax Rate.png The Tax Rate module, located in the Accounting group, allows for tax rates to be created and modified. If sales tax is enabled in the Small.Tax Rate.png Tax Rate module options, these tax rate options will appear on each sales order.

Add a tax rate Template:Top

  1. Open the Small.Accounting Integration.png Accounting module and click the New Button.png New button.
  2. Enter the Name, Tax Code, and Description. The tax code is an abbreviation that is displayed throughout Fishbowl.
    Tax rate details.png
  3. Select the Tax Type and enter the percentage or amount.
  4. Select if this is the default tax rate.
  5. Select a tax agency from list of vendors. A tax agency can be added by typing the name and selecting Add New from the drop down list.
  6. Click the Save Button.png Save button on the module toolbar.

Tax rates can also be created using the import.

Add a tax agency Template:Top

Tax Agencies can be chosen from the list of Vendors in Fishbowl. To create a new tax agency type the name of the new tax agency in the Tax Agency field and then select Add New from the dropdown. A new tax agency can also be created by opening the Vendor module and clicking the New Button.png New button in the module toolbar.

The New Vendor Wizard will appear. This wizard can also be launched directly from the Tax Rate module by typing the name of the new agency in the Tax Agency field and choosing Add New.

New tax agency select vendor.png

In the Vendor Name field enter the Tax Agency name and then click Next. On the following screen enter the address information for the vendor and click Next. [optional] Enter the tax agency's contact name, main number, fax number, and e-mail address in this screen. Click Next.

New tax agency vendor contact info.png

The following screen asks for information about shipping terms. As they don't apply to Tax Agencies, leave the defaults and click Finish.

Edit, delete, or inactivate a tax rate

  • To edit a tax rate, double-click the tax rate in the search pane, make any changes, and then click the Save Button.png Save button located in the module toolbar.
  • To delete a tax rate, double-click the tax rate in the search pane and then click the Delete Button.png Delete button located in the module toolbar.
  • A tax rate cannot be deleted if it is in use by other modules. In this case, a tax rate can be inactivated by unchecking the Active checkbox and then clicking the Save Button.png Save button in the module toolbar. To view an inactive tax rate, select Inactive in the Status dropdown of the search pane.

Track sales tax Template:Top

Sales Tax can be turned on and off in the Small.Tax Rate.png Tax Rate module options.

Sales tax group Template:Top

Sales tax groups can be created in QuickBooks to group together multiple tax rates. If the tax rate name in Fishbowl matches the sales tax group name in QuickBooks, the tax will be automatically separated in QuickBooks.

  1. Create a sales tax group in QuickBooks by selecting Edit > Preferences > Sales Tax > Company Preferences > Add sales tax item > Sales Tax Group.
    QuickBooks Sales Tax Group.png
  2. Create a tax rate in Fishbowl with the same name and combined percentage.
    Combined Tax Rate.png
  3. The combined tax rate can now be used in Fishbowl.
    Combined Tax Rate on SO.png
  4. When the order is exported to QuickBooks, the tax rate will be separated for reporting.
    Combined Tax Rate in QB.png


MODULE OPTIONS

Some aspects of the Small.Tax Rate.png Tax Rate module can be customized by opening the module, clicking the Tools menu, and then selecting Module Options.

General tab
Tax rate module options general subtab.png
  • Do you charge Sales Tax?
This option allows Sales Tax to be turned on or off. The Fishbowl Client must be restarted for this change to be fully applied.
Imports tab
Tax rate module options imports subtab.png
  • Default Flat Tax
This option allows a default flat rate tax to be set for shopping cart imports.