Master Tax Schedule is Not Set Up
If you do not have a master tax schedule set up for the tax schedule used on an invoice, the billing amount is totaled totalled and then taxed.
Example – : Tax schedule that has details totaling totalling 10% tax:
| Equipment | $100.00 |
| Materials | $200.00 |
| Labor | $300.00 |
| Subcontractor | $100.00 |
| Other | $400.00 |
| Subtotal |
$1000$100$1100Master Tax Schedule is Set Up
If you do have a master tax schedule, the billing amounts for the cost categories (Equipment, Materials, Labor, Subcontractor, and Other) that use the same schedule are totaled and taxed, then the taxes are added together for the tax total on the invoice.
Example – :
...
...
- ID = TAX SCHEDULE
- Schedule 1 = 10%
- Schedule 2 = 1%
| COST CATEGORIES | TAX SCHEDULE ID | Tax |
|---|
| Equipment | Schedule 1 | 10% |
| Material | Schedule 1 | 10% |
| Labor | Schedule 2 | 1% |
| Subcontractor | Schedule 1 | 10% |
| Other | Schedule 1 | 10% |
Billing Amounts
| Equipment | $100.00 |
| Materials | $200.00 |
| Labor | $300.00 |
| Subcontractor | $100.00 |
| Other | $400.00 |
| Subtotal |
$1000Cost categories Categories for Schedule 1 :(10% tax)
| Equipment | $100.00 |
| Materials | $200.00 |
| Subcontractor | $100.00 |
| Other | $400.00 |
| Subtotal |
$700$70Cost categories Categories for Schedule 2:Schedul 2 (1% tax)
| Labor | $300.00 |
| Subtotal | $300.00 |
| Tax (1%) | $3.00 |
Example
Master Tax Schedule ID = TAX SCHEDULE
Schedule 1 = 10%
Schedule 2 = 1%
