Rice Lake TransAct 3.5 - Manual (Page 126)

Accounting Setup and Miscellaneous Rates
Version 3.5 127
Setup and Miscellaneous Rates
To setup taxes, rates, and rounding properties, select Accounting | Setup and Miscellaneous Rates from
the main menu. The Setup and Miscellaneous Rates table appears.
Use the Setup and Miscellaneous Rates table to enter system defaults and calculation properties. System
defaults are used unless overridden by settings in the Accounting Info . form of the Customer Account
table or Order/Job table.
Tax Properties
The Tax Properties section serves two functions. The first is to assign meaningful names to the tax name
fields (e.g. state, federal, county, etc.). The second is to enter the percentage for each tax type.
Figure 104. Tax Setup
To apply a tax, replace the Tax 1 Name , Tax 2 Name , and Tax 3 Name fields with meaningful names
(e.g. State , County etc.). To remove a tax from use, leave the field blank (e.g. delete Tax 1 Name , Tax
2 Name , and Tax 3 Name fields). Only fields containing text will appear on subsequent forms. Enter
taxes as a percentage. TransAct will convert the percentage into a decimal value for calculation.
To override these taxes for a specific customer, select Admin | Customer Accounts . To select the
customer whose taxes are different from the default, click the Find button. From the Customer General
Info form, click the Accounting Info button. When a value greater than 0.00 is entered into any of the
active tax fields, the default taxes will not be used for any of the tax fields, even when left at 0.00.
Tax Status
The tax status of new accounts will be set according to this value. For example, when the majority of
customer accounts are taxed, select the
Taxable status. Edit individual customer accounts for those
customers who are Tax Exempt .