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Efficient Use Tax Processing Tools for Minimizing Liabilities

Learn about the fundamentals of use tax, why setting it up is crucial, and how to implement it efficiently in your business operations. Understand how to identify use taxable items, services, and job types, set up tax codes, and create work order lines. Get insights on managing tax rates for purchase orders and transfers, and utilize the Inventory Journal Use Tax Report effectively. Presented by Greg Leisgang and Nancy Ross.

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Efficient Use Tax Processing Tools for Minimizing Liabilities

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Presentation Transcript

  1. Use Tax Processing and Minimizing “*” Parts Presented by: Greg Leisgang Nancy Ross

  2. Today’s Overview

  3. Use Tax • How does Use Tax work? 2. Why should I set up Use Tax?

  4. Implementing Use Tax 1. Item is “use taxable” 2. Service Call type is “use taxable” 3. Job Type is “use taxable” 4. Actual Job is “use taxable” 5. Actual work order is “use taxable” 6. “Use taxable” tax code is on the job/service order.

  5. Set up Tax Codes • Select the “from location” tax code; for example, the tax code of your warehouse.

  6. Different tax rates for PO and Transfers

  7. Process for Service Order • Create new work order line with use taxable part.

  8. Inventory Journal

  9. Use Tax Report

  10. “*” Parts When to use them – when not to use them – and WHY –

  11. Questions?

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