How are tax rates mapped to accounting code classifications?
Tax rates are set up as a simple table, where users can assign a name, country (dropdown to support US, Canada, and India for now), State/Province (support country-based dropdowns), and Tax rate (% age).
Taxes are also mapped to the GL string (accounting structure).
For example:
- Office Supplies expense at $100 plus 13% tax = $113.00 total payable to Vendor ABC
- $100 to be coded to GL 6455 (Office Supplies Expense), department 101 (Gen & Adm)
- $13 to GL 5110 (HST Tax Paid), department 101 (Gen & Adm)