How to Change, Add or Remove a Sales Tax Rate in Sage 50

Know about how to change, Add or remove a Sales Tax Rate in Sage 50 with the help of this blog. In Sage 50 you should know how to change, add or remove a Sales tax rate as it will help you a lot. So without wasting time let’s go through this blog.

How to Change a Sales Tax Rate in Sage 50

Before performing this task you can switch to single-user mode (Sage 50 Premium Accounting).

To Change an Existing Sales Tax’s Tax Rate:

• Choose Settings from the Setup menu that is in the Home window.
• Start by opening Company, then Sales Taxes, and finally Tax Codes.
• For any tax code that makes use of tax whose rate has changed.
  • Use the backspace key to remove the text from the sales tax descriptions that Sage 50 Accounting automatically generated by clicking in the Description column.
  • Click and hold the text in the Code column twice.
  • Change the applicable tax rate in the Tax Code Details window, and then click OK to exit it.
  • Review the updated Description if you cleared the previous one and make any necessary edits.
• To save your changes after finishing updating all appropriate tax codes you have to click OK.

How To Add a Sales Tax Rate in Sage 50

You have to switch to single-user mode (Sage 50 Premium Accounting) before performing this task.
You can remove and add sales tax that your company charges or pays:

• On the Setup menu, you have to select Settings by going to the Home window. Then you have to click Company, Sales Taxes, and then Taxes.
• In the Tax column, you have to type the name of the tax on a new line.
• On invoices and other forms that employ this tax, you must enter a tax identifier, such as your Canada Revenue Agency (CRA) account number.
• Change the This Tax is Exempt? If your company does not pay this tax on purchases, set the option to Yes (click).
• Then, Change the Is this Tax Taxable? If this tax is subject to other taxes, you can choose Yes (click).
  • In the Taxable Tax List window, Choose the Charge on column for taxes that are applied to this tax, and then click OK.
  • For example, if a different tax is added to the GST/HST, This tax: Is it Taxable? Click on the Charge column’s drop-down menu to choose the additional tax or taxes being Charged on GST/HST after selecting Yes in the Yes column.
• Click Find finder to choose the Acct. to track tax paid on purchases if your company is not exempt from this tax.
• To choose the Acct. to track tax charged on sales, you have to click the Find Finder button.
• (Optional) If you want to include this tax in the Tax report, switch the Report on Taxes option to Yes (click it).
• Then you have to select OK.
• When you create a new tax code for this new tax, enter the new sales tax rate.

How To Remove a Sales Tax Rate in Sage 50

• First, you have to go to the Home window, then select Settings on the Setup menu.
• Then you have to click Sales Taxes, Company and then you have to click Tax Codes.
• Then you have to open any codes that tax belongs to, and then you have to select Tax and open the Edit menu, and then select Remove line.
• After that, You have to click OK.
• In the Settings window’s navigation pane, you have select Taxes.
• In any Taxable Tax Lists (Is this tax taxable?), remove the tax from the Charged column and then select OK.
• Choose Remove Line from the Edit menu after selecting the tax in the Tax column and then click OK.

Conclusion

Hopefully, You have understood the above article related to changing, adding, or removing a sales tax rate in Sage 50. In case there is any query then you can call the help desk team and can solve your issues any time as the team is available round the clock.

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