Tax Ledger Entry
Overview
You must enable Tax Ledger Entry to run the Sales Tax by Tax Jurisdiction report.
To Turn on Tax Ledger Entry
Navigate to Custom Setting → System Setting.
Create a parameter for EnableTaxEntry and define Value to be True.
Run Sales Tax by Tax Jurisdictions
When posting Sales Invoices, GoldFinch will automatically create Tax Ledger Entries for the sales tax reporting.
Field Name | Field Help |
|---|---|
Sales Amount | This is the Line Amount on the Sales Invoice Line. |
Exemption Amount | If Tax Liable is checked on the Sales Invoice, Exemption Amount is 0. If it is not checked, the Exemption Amount is the Sales Amount. |
Exclusion Amount | By default, the Exclusion Amount is 0. If you are only required to collect sales tax up to a certain amount per Sales Invoice, contact a GoldFinch consultant to implement a custom trigger to calculate the Exclusion Amount. |
Taxable Amount | The Taxable Amount is the net of the Sales Amount minus the Exemption Amount and the Exclusion Amount. Sales tax is calculated for each jurisdiction based on the Taxable Amount. |