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How to create a Tax Code posting

These accounts are assigned where multiple GL accounts are required for Input Tax and Output Tax. Where the following accounts are assigned to a Tax Code, they will override the Default GL Accounts for input tax and output tax.

Steps:

  1. Navigate to Set Up Files > Tax Codes.
  2. Click the Tax Code that GL account postings are to be assigned to.
  3. Enter or select the applicable GL accounts. 
  4. Click SAVE or SAVE & CLOSE. 

Medium KB -Jul-12-2023-02-56-23-9542-PM

Account Description
*Output Tax GL Account

Tax on client invoices for the selected tax code.

For example: 

The tax amount for a client job invoice is credited to this account, where the invoice tax code matches the selected tax code.
*Input Tax GL Account

Tax on supplier invoices for the selected tax code. 

For example: 

The tax amount for a supplier invoice is credited to this account, where the invoice tax code matches the selected tax code.

* Indicates this is compulsory – a GL account is required.