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1.4 Sales Taxes


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Tradepoint provides the ability to apply sales taxes to a national, state/provincial level or a locality or locality based on a postal/zip codes giving you the ability to apply sales taxes to exactly the regions relevant to your company. This extends to companies operating in more than one country with different tax requirements.

Three items have to be in place for sales taxes to automatically pick up as sales activity is processed.

  • Sales taxes within Company Settings
  • Sales Taxes attached to your Products
  • The Address and Zip Code of your Company has to be formatted using the Address wizard.

Companies based out of Canada will be able to create the GST, PST and respective HST or QC taxes depending on the location of the companies and the customers they serve.

For US based sales taxes multiple levels of taxation are supported including states like California and Florida where locality taxes are required in some cases, and varying tax rates based on County or Zip Code are prevalent.

We will be reviewing examples of functions that support these cases in this section of the Setup Guide.

Since most companies will have at least one if not several sales taxes, Tradepoint supports an unlimited number of sales taxes and each of them will be displayed as a digital note card for easy viewing at a glance.

Creating your tax rules is done with the 'New Sales tax' icon in the lower right. Clicking on this will open one or more cards you see above. Each of the fields within one card can have information typed in manually or enter in a series of Zip/Postal Codes for a specific tax.

Clicking on any of the field will allow you to enter in the relevant information and access your Chart of Account information to enter in a default Account for a Deductible G/L Account or an Expense Account if relevant.

Each Sales Tax can have its own account.

It is ideal to have an account in your G/L for each state you have to account sales taxes for though not necessary.

For example for different state sales taxes an account in the G/L can be set up for each state that you have to report sales taxes for. Then at the end of the accounting period an activity report can be submitted along with any remaining payments for that state.

In the image above you can see by clicking on the sales tax account field you can access your G/L and specify an account by clicking it once.

For States where varying tax amounts exist either by zip code or county Tradepoint will support varying tax codes within one state. For states with varying tax code by county the tax codes will have to be entered by zip code. States that have varying tax rates by county will often post this information on their websites. California is a good example with all of their tax information posted on the website by county.

From here some counties will have to be broken down by zip code, and some counties will be comprised of two tax rates depending on the zip code. Some websites provide a county break down by zip code if you don't have all your tax information in one Excel file for example.

Be sure to check with your Accountant about your sales tax information to ensure you are accounting for everything you are required to. Below are a few links for search tools by city or locality in relation to zip codes.

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