How to Add, Modify, or Remove a Tax Code in Sage 50

Sometimes in Sage 50, you should know how to add, modify, or remove a tax code as it is not an easy task. But with the help of this article, you will get to know in detail about adding, modifying, or removing a tax code in Sage 50. So without wasting time let’s go through this article.

Before performing these tasks you have to add a sales tax and switch to the single-user mode which is Sage 50 Premium Accounting.

How to Add a New Tax Code in Sage 50

• Select Settings from the Setup menu in the Home window.
• Start by opening Company, then you have to open Sales Taxes, and finally, choose Tax Codes.
• Enter a one- to two-letter code on a new line in the Code column, then you have to click the Search Finder button that is next to the new code.
• In order to include a tax in the new code:
  • Select a tax from the list by clicking the Search Finder button in the Tax column.
  • Then you have to choose a status from the list by clicking the Search Finder button in the Status column.
  • Enter the tax rate as a percentage in the Rate column.
  • Click the Include in Price or Is Refundable column to enable each setting if a tax is either included in the price or refundable.
  • Lastly, You have to click OK to close the Tax Code Details window.
• Click the Description column and enter a new description to change the default tax code description that displays on your forms.
• Click the Search Finder button in the Use In column and choose Purchases or Revenues from the list if you only want certain vendors or customers to be able to use a tax code.
• Lastly, Click OK to end the Settings window.

How to Modify an Existing Tax Code in Sage 50

• Begin by selecting Settings from the Setup menu in the Home window.
• Start by opening Company, then open Sales Taxes, and finally Tax Codes.
• Click the Description column and enter a new description to change the tax code description that appears on your forms.
• Click the Search Finder button in the Use In column and choose All Journals, Purchases, or Revenues from the list to change which transactions use this tax code.
• Click OK to end the Settings window.

How to Remove an Existing Tax Code in Sage 50

• Select Settings from the Setup menu in the Home window.
• Start by opening Company, then Sales Taxes, and then select Tax Codes.
• Click the tax code you want to delete in the Code column, then press the Delete key.
• To close the Settings window you have to click OK.

Assign a Tax Code to Multiple Records

Make sure the sales tax code you want to use is configured in your company settings before you begin this process. Then you have to switch to a single-user mode which is Sage 50 Premium Accounting.

To apply the same tax code to multiple records:

• Choose Settings from the Setup menu in the Home window. Go to Tax Codes, Sales Taxes, and then Company.
• Then you have Select Tax Codes by clicking.
• To display the type of records you wish to update, you have to click Customers or Vendors in the Show section. Choose the old default tax code from the list under With This Default Tax Code.
• Choose the new tax code from the list of New Default Tax Codes.
• Then you have to select the records you want to change from the Name column. To select multiple records, hold down the CTRL key while using the left mouse button, or click Select All to update every record in the list.
• Then you have to click Assign.
• To close the window you have to click Close.

Change the Default Tax Code for New Customers

Before you can perform this task you have to switch to single-user mode (Sage 50 Premium Accounting):

To Change the New Customer’s Default Tax Code:

• You have to choose Settings, In the Home window on the Setup menu.
• Then you have to click on Customers and Sales and then click on Options.
• Select a tax code from the list in Tax Code For New Customers and then click OK.

Change the Default Tax Code Used for a Vendor

Make sure the sales tax code you want to use is configured in your company settings before you begin this process.

If you want to change the default tax code used for a vendor you have to follow the below mentioned steps:

• In the vendor record, you have to open the Taxes tab.
  • On the navigation pane, you have to click Vendors and Purchases in the Home window.
  • Then in the Tasks pane, you have to right-click the Vendors icon and then from the menu, you have to select Modify Vendor.
  • After that, from the list, You have to select a vendor and then click OK.
  • Then click the Taxes tab.
• Select the code that you want to use as this vendor’s default tax code, from the list of tax codes. Then you have to click Save and Close.

Change the Default Sales Tax used for a Customer

Before you can perform this task you have to make sure your company settings are configured with the sales tax code you want to use. Select Settings from the Setup menu in the Home window to check. Click on Company, followed by Sales Taxes, Tax Codes, and so forth. The table has to show the tax code that you intend to use. Otherwise, create a sales tax code.

To change the default sales tax code used for a customer you have to follow the below mentioned steps:

• You have to begin by opening the Taxes tab in the customer record.
  • Click Customers and Sales on the navigation pane in the Home window.
  • Then you have to right-click the Customers icon and then from the menu, you have to choose Modify Customer, in the Tasks pane.
  • From the list you have to select customers and then click Ok.
  • Then click the Taxes tab.
• Select the tax code that you desire to use as this customer’s default tax code, from the drop-down list of tax codes.
• Lastly, you have to click Save and then Close.

Conclusion

This article come to an end, hopefully, this article is enough to make you understand how to add, modify, or remove a tax code in Sage 50. Still, if you face any issue then you can immediately connect with the team is available round the clock. Connect with the team hassle-free and get the best assistance.

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