Here is a description of the fields that make up a tax code and their associated tax rates. Some of these fields may not be visible or editable at all times, or in all package combinations.
Key: R – Read-only in all contexts; * – Mandatory field
The number indicates the number of characters that are allowed in this text field, where appropriate.
| Field | Description | ||
|---|---|---|---|
| Description | * | 80 | Description of the tax code, such as Boston City Tax. |
| General Ledger Account | * | The general ledger account to which transactions for this account will be posted. This cannot be the Retained Earnings account. | |
| Tax Code | * | 24 | Each type of tax must be assigned a unique code by which it can be identified. |
| Tax Group | Tax group used to enable grouping on reports. You can update the entries in this custom picklist. |
The following fields may have been added to the page layout. They are only relevant if your company's record type is Combined. See What is Combined Tax? for more information.
| Field | Description |
|---|---|
| Parent | When selected, this checkbox indicates that the tax code is a rollup of two child tax codes. You cannot add, edit or delete tax rates on a parent tax code; instead its tax rates are calculated from the rates on its children. When deselected, the tax code is a regular tax code and cannot have child tax codes linked to it (but can itself be a child tax code linked to another parent). This checkbox cannot be modified once the tax code has been saved. |
| GST | The first child tax code linked to this parent. Typically this is a federal tax code. |
| PST/QST | The second child tax code linked to this parent. Typically this is a provincial tax code. |
| Tax Model | Determines how the combined tax is calculated when creating sales documents and payable documents. The different tax models are explained in What is Combined Tax?. |
Dimension Analysis
The following fields may have been added to the page layout. They can be used to allocate analysis dimensions to your tax codes. Analysis dimensions can be used to map tax code lines to local GLAs when using Chart of Accounts.
| Field | Description | |
|---|---|---|
| Dimensions 1-4 | Any analysis dimensions that you want to apply to your tax code. |
Tax Rate
Here is a description of the fields that make up a tax rate history record.
| Field | Description | |
|---|---|---|
| Rate | * | Rate of tax chargeable on goods and services with this tax code. Must be a positive value to three decimal places (such as 8.000%), or zero (0.000%). |
| Start Date | * | First day on which the new tax rate comes into force. The selected date must be unique for this tax code. |
| Tax Code | R | Tax code to which this rate belongs. |