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Purpose of Tax field in GP 2018 Purchasing-Transaction Entry

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Posted on by PattiK323

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What is the purpose of the Tax field in Transaction entry in the Purchasing module?

We are a primarily tax-exempt manufacturer. For purchases that are taxable, we are taxed by the vendor.

Is the intent for us to list the taxes paid to the vendor separately in the fax field (vs. rolling into the Purchases total).

Or, is this intended to track use tax payable?

Or...something else?

Thank you.

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Microsoft Dynamics GP

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David Musgrave MVP ... 13,955 Most Valuable Professional on at

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Purpose of Tax field in GP 2018 Purchasing-Transaction Entry

The Tax field is for tracking the tax paid component of the total amount on this purchase transaction.

The tax is normally calculated automatically based on the Tax Schedule ID on the main window matrixed with the Tax Schedule IDs on the Tax expansion window.

Depending on the country, tracking tax on purchases can be vital as you can often claim back that amount against the tax you collected, such as UK VAT and Australia and NZ GST.

If you don't need to use it, then leave it blank.

Regards

David

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