Overview of Tax Processing
Tax processing works as follows:
· You select the tax method to use, create tax types and their percentages, and set up other tax parameters you require in the Setup…Tax menu option.
· When you process taxable transactions, in the Process menu, you attach a tax type to the transaction. Xpress uses the tax type percentage to calculate the tax value for the transaction.
· When you have to pay tax, you print out a tax report from the View…General Ledger…VAT / Sales Tax menu option. This report shows you how much tax is due.
You can use the standard tax report (Tax Type Report), or you can configure a tax report (Box Report) which corresponds to your tax form.