Quick Start Manual

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Manual

Intro
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Inventory Module
Sales Module
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VAT Module
VAT over margin
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VAT Shifted
US Sales Tax
VAT Correction
Manufacturing
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Accounting Basics 1
Accounting Basics 2
Accounting Advanced
Year End
Owner Equity
Income Tax
Banking Module
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US Sales Tax


US Sales Tax differs from state to state and often consists of multiple percentages/components.
You may need to remit these various components to different state and local tax agencies, but some
states require that you remit all sales tax to a single tax agency.




State Tax Agency


If you're dealing with a single tax agency, then you often don't need to specify the
individual components. Registering your tax codes becomes easier, because you leave out the
components and only provide a single percentage.




New Tax Code


You can use the VAT Wizard to create VAT codes with multiple components.
A VAT code with multiple components is the equivalent of a US Sales Tax code.

US Sales Tax (often) consist of multiple components/percentages.
In this example, we will create a tax code for fictional city: 'Gotham'.
'Gotham Sales Tax' is 10% and consists of '8% State Tax' and '2% City Tax'.

Step 1
Go to: 'VAT > VAT Wizard'

Step 2
Select option: 'New vat code + percentage'

Step 3
Vat code / name: 'Gotham Sales Tax'
Trade type: 'Local Trade'



Make sure that you uncheck the box 'Prices are VAT inclusive'.
US businesses show their prices ex. sales tax.

Select option: 'Has subcomponents' and start adding the components.
Pick a good descriptive name for your component.
This name will show up on your VAT statement.

Components
Name: State Tax, Percentage: 8%, Type: Regular
Name: City Tax, Percentage: 2%, Type: Regular

All components are regular tax components.
US companies don't have to deal with compound sales tax.

Note that you only need to create a 'multi component' tax code when your tax agency requires that.
Certain states don't require you to specify each VAT component separately on your tax form.
If that's the case, then you can simply create a regular VAT/TAX code.
Consult your local/state tax agency for more information.




Shopify Shop


If you use Shopify, then you don't have to create any US Sales Tax codes.
The codes are automatically created when you import your orders.



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