Overview: In order to create a Tax Agency, we’ll first create a vendor on the Vendors (AP303000) form, will specify the details of the vendor, select Vendor is a Tax Agency check box and populate the needed settings on the Tax Agency Settings tab.
It can be created as follows:
- Create a Vendor on Vendors (AP303000) form. Select the Vendor Class as TAXAGENCY. Enter the required details on the form and save it.
- In order to set this vendor as a Tax Agency check-mark Vendor is a Tax Agency checkbox. This would enable the Tax Agency Settings tab. Save the form.
- Now to configure this Vendor as a Tax Agency, on the Tax Agency Settings tab define the following.
– Tax Payable Account: 24100(Tax Payable)
– Tax Expense Account: 65100(Other Tax Expenses)
– Default Tax Period Type: Month
– Automatically Generate Tax Bill: Check-marked
– Use Currency Precision: Check-marked
- On the form toolbar, click on save button to save the record. Hence, the vendor has been configured as a Tax Agency.
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