You can use tax code records to create a record of value added tax levied when buying and selling goods or services. Your administrator can set up tax codes on the Codes tab. Here is a description of the fields on the Tax object.
Key: * – Mandatory field.
Field Name
Description
Description
*
Description of the tax code.
Effective From
*
Date from which this tax code is applied.
Inactive
Indicates whether the tax code is active.
Purchase Tax Account
Purchase tax account to which this code relates.
Rate
*
Rate of tax. For example, if the tax rate is 20%, enter 20.
Sale Tax Account
Sales tax account to which this code relates.
Split Tax
Indicates that the Tax Code is split between more than one tax jurisdiction.
Tax Agency
Name of the tax authority to which this tax code relates.
Tax Code Name
*
Name of the tax code to be available in the lookup on a purchase order line.
Tax Type
Type of tax
Valid Until
*
Date that this tax code is applied until.
Tax Split Fields
The Tax Split object contains the breakdown for a tax code when it is split across more than one tax jurisdiction.
Key: * – Mandatory field.
Field Name
Description
Tax Code
Tax Code to which this Tax Split belongs.
Description
Name of the tax jurisdiction to which this Tax Split belongs.
Tax Rate
Tax Rate for this Tax Split. The sum of all tax splits for a Tax Code must equal the Tax Rate on that Tax Code.