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invoiceit! in the USA

Below is a detailed explanation on how Sale Taxes are handled in invoiceit!
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This page applies to users in the United States of America only. We have used the example of a company from Philadelphia, PA, selling a couple of products to a client in the same town.

1.) Settings on setup page 1:

Select your home state and enter the names and rates of applicable sale taxes, if different from that shown.

 

 

2) Clients

When you enter new clients, check the tax that is applicable to each client

3) Products (Inventory) and Services

Set the tax rates that apply to each product or service. If the tax does not apply enter 0%. The example at left shows one product subject to State Sale Tax only 

 

and this one subject to both State and City Sale Tax.

 

Invoicing

Having entered the tax parameters for your clients and products/services, the taxes are now applied automatically.

You can easily check and edit taxes for this invoice. Click on the Tax Edit button on the left button bar   The Tax edit form appears:

To apply a tax to all products/services charged, click Apply. Click the Undo button (not shown here) to remove that tax from all products/services charged. To edit any of the taxes, click the Edit button.
In the example at left we look at the Philadelphia City Sale Tax, because one product was subject to this tax, the other was not (both products were subject to State Sale Tax).

 

 

 here you can change the individual rates line-by-line. You cannot change the tax amount, only the rate, which then calculates the amount. This will avoid calculation errors. Enter 0 if a tax does not apply to a certain item. This should not be necessary in most cases since the tax rates are picked up from your client/product/services settings mentioned above.

 

And this is how it looks on the printed invoice. Columns shown can be removed, resized, repositioned or renamed on Setup page 3

Receipts

When you post receipts (enter payments received from clients) these amounts are automatically posted to the cashbook and taxes contained in those payments are posted to their respective ledgers. The entries you see below were all created with one double-click.

 

 

Tax Reports

You can print a report on all Taxes received or paid by selected date range, so you know how much tax to pay to the authorities. Click on Cashbook menu, Reports button at left then select 'Tax Reports'. Chose from detailed or summary report, set a date range and click the Print button at top.

To return to the FAQ page, click here

 

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