DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Compound taxes


#1

I want to show both taxes (GST and PST) which are compounded below the sub total amount. I would need each on its own line.

Is this possible?

This is the only thing that keeps me from buying this program which I find almost perfect.

Please help…


#2

Lubos…. I did forget to mention that I really love this software. So fast and responsive. Very impressive programming!!


#3

I hope to resolve it this weekend. It has been requested for a few times now.


#4

I have never seen development like this before. Truly impressive. Look forward to the new changes!!


#5

Check the latest version (14.2.34).

Tax components are now calculated separately and shown on invoices/quotes/orders separately.

Manager is using the same rounding principle that Quickbooks is using. Here is Quickbooks explanation which applies to Manager as well.

QuickBooks calculates each sales tax rate individually, then rounds off each individual total before adding them together to give the total sales tax that is charged.

For example:

You have an invoice with taxable sales of $69.62, and a sales tax group item that combines sales tax items with flat rates of 4% (state) and 2% (county). Here’s how QuickBooks does the math:

4% X $69.62 = 2.785 rounded to $2.78
2% X $69.62 = 1.392 rounded to $1.39

In the above example, the sales tax group item rate is 6% (4% + 2% = $4.18) but the combined total tax amount for the two separate items is $4.17, which results in a difference of one cent.

Don’t worry about this discrepancy. The separate calculations are done so that the amounts for the individual sales tax items are calculated correctly for your sales tax liability report and your sales tax payments. You do not need to make an adjustment.

First, the sales tax for each line item calculated, then the tax amounts for each line are added and the rounded to the nearest penny.


#6

Lubos….All of Canada thanks you!
I will most definitely pass the word on this terrific software!

Will pump out some invoices today!! :smile:

Keep up the good work.