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?. |
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. |