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Microsoft Dynamics GP 2010 Implementation by Victoria Yudin

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Sales and purchase taxes

As part of the planning for your Dynamics GP setup, you will need to determine whether sales and purchase taxes should be calculated and tracked by the system. Even though the concept is the same, sales and purchase taxes must be set up separately, as a tax in Dynamics GP can only be one or the other. Many small and mid-size companies in the US choose not to track purchase taxes separately. However, any business selling goods or services will often need to collect and remit sales taxes to each state they do business in and have detailed records for state reporting purposes.

Setting up taxes in Dynamics GP involves the creation of Tax Details and Tax Schedules. Tax details are the lowest level of taxes a company wants to ...

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