Fastbase Accounting System - Online Manual
Utilities - Tax Codes
Entered Fri, 17 Jan 2003 15:02 by
Updated Mon, 30 Jun 2003 15:56
Tax codes are used to record the different tax rates applicable to your business.
For New Zealand companies the GST rate is the only applicable rate, this will already be loaded into FastBase and requires no change (until the Government decides to alter the tax rate).
Some New Zealand businesses use alternate GST tax rates, eg: Rest Homes and Charitable Trusts, these alternate rates can be set-up here. You will be required to enter a tax code (a 5 character identifier) and tax rate. You can also specify an alternate general ledger account for inputs and outputs.
See the GST Report and Utilities - Module: General Ledger for details about GST handling.
Tax exempt customers, parts and transactions do not need a tax exempt code, they are simply entered as non-taxable.