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In: Accounting

What are the steps to adjust GST/HST rates in Sage 50

What are the steps to adjust GST/HST rates in Sage 50

Solutions

Expert Solution

  1. To set up sales tax authorities and set up sales tax codes in Sage 50, select “Maintain| Sales Taxes…” from the Menu Bar to open the “Set Up Sales Taxes” window.
  2. To set up a new sales tax in this window, select the “Set up a new sales tax” option.
  3. Then click the “Next >” button.
  4. In the next screen, enter the total rate charged for the sales tax into the first available field. If you base your sales tax on a formula, leave the percentage field blank.
  5. Then use the drop-down to select the number of individual agencies that make up the total tax collected.
  6. Then click the “Next >” button.
  7. In the next screen, set up the taxing authorities for your sales tax by entering the information for each taxing authority you selected on the previous screen.
  8. Enter how much of the total tax rate each vendor collects and which account you use to track the collected taxes.
  9. If you need to enter a sales tax rate based on a formula versus a flat percentage, use the drop-down in the middle of the screen to select the “by formula” option.
  10. When finished, click the “Next >” button to continue.
  11. After entering your taxing authorities, name your sales tax code in the last screen.
  12. Also select whether to charge tax on shipping, if needed for your state
  13. Then click the “Finish” button to finish creating the sales tax.
  14. To edit, delete, or review the sales tax codes and sales tax agencies, select “Maintain| Sales Taxes…” from the Menu Bar to open the “Set Up Sales Taxes” window.
  15. To edit either the tax agency information or the associated code, select the “Edit an existing sales tax or sales tax agency” option.
  16. Then click the “Next >” button.
  17. Then edit either the code or the agencies in the following screens by changing the information and then clicking the “Next >” button.
  18. Finally, click the “Finish” button.

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