Set-up and creating data files > Business set-up > Entering business tax information

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Entering business tax information

To enter your business’s tax information, go to Setup>Business Setup, and select the Tax Information tab.

 1.  Complete the GST/HST fields.

 

  • Display name - select the federal sales tax that applies to your business. This determines how it’s displayed when you generate a GST/HST report. 
  • Rate (%) - enter the federal tax rate. It’s required and used to calculate the federal tax when you enter transactions.
  • Registration number - enter your federal tax registration number. It’s optional, but it’s included on your GST/HST report.

2. Complete the PST fields.

 

  •   PST options - choose how the provincial tax you paid on purchases is posted by:

 

 a)     Selecting Combine PST with the transaction expense account if your province doesn’t allow you to claim the PST paid. The PST paid won’t be tracked for remittance, but will be rolled up and posted to the expense account for the transaction line.

b)    Selecting Separate PST to the PST Paid account if your province allows you to claim the PST paid. The PST paid will be posted to and tracked by a separate account, and included on your PST tax return.

  • Display name - select the provincial sales tax that applies to your business. This determines how it’s displayed when you generate a PST report.

Note: PST is used generically throughout AgExpert Analyst to represent provincial sales tax, even when the Display name is set to QST, RST or SST.

  • Calculate on - determine how PST will be calculated when you enter transactions by selecting Amount if the PST is calculated before the GST has been added to the amount, or Amount plus GST if it’s calculated after.
  • Rate (%) - enter the provincial tax rate. It’s required to calculate the provincial tax when you enter transactions.

Note: If you set the rate to 0, you won’t be able to enter the PST during transaction entry.

 Registration number - enter your provincial tax registration number. It’s optional, but is included on your PST report.

 3. Click Save.

Last updated on June 23, 2016 by FCC AgExpert