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Working with US Tax Codes
Tax Codes represent names and associated rates of Tax set by specific Tax Authorities. Tax Codes are associated with their related Tax Authority via a drop-down list.
You can assign a default Tax Code to a Customer so that when an associated Sales Document is created (such as a Sales Invoice), it will automatically be assigned the default Tax Code.
The Tax Code Document is shown below.
There are a few things worth noting:
- The Tax Authority drop-down is mandatory. Each code must be associated with a specific Tax Authority.
- The field ‘Only used in Tax Group‘ is to reduce the number of selectable Tax Codes/Groups on Sales Documents by grouping Tax Codes together, and applying the collective rate.
- The current and historical Tax Rates are entered into the table. If there are no entries the Tax Rate is set to zero.