cancel
Showing results for 
Search instead for 
Did you mean: 

Reply to message

View discussion in a popup

Replying to:
FTech
Level 3

Reply to message

Could you accomplish this with a Discount Item? (Maybe I haven't thought this through...Rustler you have more experience with this question, so please point out if I've missed something.) See the attached file, along with these descriptions...

 

Daily Cash Receipts are your total tax-included sales.

Tax-included Discount is a Discount-type Item which adjusts the taxable amount.

Subtotal is optional, but shows what the actual sales-taxable amount is.

 

Assuming a tax rate of 3.475%, the percentage for the Tax-included Discount Item is calculated this way:   1 - (1 / 1.03475) = 3.3583%

 

Whenever your tax rate changes you will have to re-figure the discount Item's amount. For a tax rate of 4% for example, the calculation would be: 1 - (1 / 1.04) = 3.84616%

 

I would set up both Daily Cash Receipts and Tax-included Discount to post to the same Sales (income) account, so the total for that account will represent net taxable sales. But you could have them post to different income accounts if that makes more sense to you.

 

Need to get in touch?

Contact us