Creating Tax Codes

To create a new tax code:

1. Click the Tax Codes tab.
2. Click New next to Recent Tax Codes on the home page.
3. Specify a tax code and description.
4. Specify the general ledger accountThe general ledger will normally include general ledger accounts (GLAs) for items such as income, expenses, assets, liabilities, and reserves. for this tax code. Click the lookup icon to search for an appropriate general ledger account.
5. Select an appropriate tax groupA user-defined group of tax codes on which you want to report. from the picklist, or "None" if you do not use tax groups.
6. When you have finished, click Save. You can also click Save & New to save the changes to the current record and then immediately begin to create another.

Note:

Note

If your company's tax mode is Combined, additional fields are available for you to mark the tax code as a parent and specify two child tax codes (typically for federal and provincial tax). The tax model determines how the combined tax is calculated. See What is Combined Tax? for more information.