Rice Lake TransAct 3.5 - Manual (Page 125)

Defining Taxes, Rates, and Added Charges Accounting
126 Version 3.5
Defining Taxes, Rates, and Added Charges
Rates are used to calculate charges. Two of the TransAct category tables are reserved for Rates. A table
is used to maintain a list of items for sale. A second table is reserved for defining additional rate tables.
Charges are based on measured rates, minimum charges, discounts, and taxes. Charges are calculated
as a transaction is completed. Units of measure available for calculating charges are weight (pounds or
kilograms), yards, and count.
Each category item can have up to three rate types. Each charge is calculated using the Net Weight
(Yard or Count) then added together. Up to three taxes can be defined. Breaking out each
Tax Type
allows an organization to track local and state fees separately. It also allows certain taxes to be applied
to a specific
Rate Type .
Category items can be designated as taxable or non-taxable from within the rate tables.
Example: The following steps show how TransAct calculates charges by default. The Unit of
Measure used for this example is Net Weight .
1. Net Weight * Rate1 + Calculated Taxes = Amount1
2. Net Weight * Rate2 + Calculated Taxes = Amount2
3. Net Weight * Rate3 + Calculated Taxes = Amount3
4. Amount1 + Amount2 + Amount3 = Total Amount
5. Total Amount vs. Minimum Charge = Base Charge
NOTE: If the Total Amount is less than the Minimum Charge, replace the Total Amount with
the Minimum Charge. (If Minimum Charge is not used, nothing is replaced.)
6. Base Charge - Discounts = Total Charge