What_s_a_Tax_Agency_

What's a Tax Agency?

A tax agency is an organization or government authority responsible for administering, collecting, and managing taxes. Tax agencies oversee tax filing requirements, process payments, enforce tax regulations, and maintain tax records.

In Business Tax Collection, tax agencies are typically associated with specific tax types or jurisdictions and are used to track where collected taxes are reported and remitted. Examples may include city, county, state, or other local tax authorities.

The system uses tax agencies to report amounts collected for each agency. You have the option of using GL accounts that will override the default account for the tax type and tax fee. Examples of tax agencies include city, state, and county.

WarningImportant! At least one tax agency record must be set up even if you are not using tax agencies.

 

Adding a tax agency

1. Open Connect Business Tax Collection > Organization > Tax Agencies.

2. Click New (CTRL+N).

3. Enter the Agency.

The agency is the organization that is responsible for the investment.

What is the name of the agency?

  • I want to select an agency. Use the Agency field to select the agency name.

  • Show me more information about the agency. Use the Agency field to select an agency name. Then, use the Agency menu to select Additional Information.

  • I need to add a new agency. Use the Agency menu to select Add New.

  • Help me find an agency. Use the Agency menu to select Search.

4. Enter the General Ledger Account Override.

Use the GL accounts saved in this section to replace the GL accounts for the selected category to record and post transactions. If the rate should record and post transactions to a GL account, then use a General Ledger Account Override. The General Ledger Account Override allows you to select a GL account to use instead of the GL account that is listed in the category.

Accounts Receivable
Accounts receivable is the account for receiving amounts that the businesses owe you.

Cash
A cash account is an account for depositing cash.

Revenue
Revenue is an increase in a company's resources from the sale of goods and services.

Write-off
A write-off eliminates a customer's account balance when it is not collectable.

5. Click Save (CTRL+S).

The new tax agency is saved.

 

Changing a tax agency

1. Open Connect Business Tax Collection > Organization > Tax Agencies.

2. Use the Lookup bar to enter an agency name. Press Enter.

3. Now, edit the agency properties.

4. Click Save (CTRL+S).

The updated record is saved.

 

Deleting a tax agency

1. Open Connect Business Tax Collection > Organization > Tax Agencies.

You cannot delete a tax agency if related transactions exist. A related transaction is a transaction that is linked to another transaction to show how they are connected.

2. Use the Lookup bar to enter an agency name. Press Enter.

3. Click Delete (CTRL+D).

The tax agency is deleted.

 

Agency

The agency is the organization that is responsible for the investment.

What is the name of the agency?

  • I want to select an agency. Use the Agency field to select the agency name.

  • Show me more information about the agency. Use the Agency field to select an agency name. Then, use the Agency menu to select Additional Information.

  • I need to add a new agency. Use the Agency menu to select Add New.

  • Help me find an agency. Use the Agency menu to select Search.

General Ledger account override

Use the GL accounts saved in this section to replace the GL accounts for the selected category to record and post transactions. If the rate should record and post transactions to a GL account, then use a General Ledger Account Override. The General Ledger Account Override allows you to select a GL account to use instead of the GL account that is listed in the category.

Accounts Receivable
Accounts receivable is the account for receiving amounts that the businesses owe you.

Cash
A cash account is an account for depositing cash.

Revenue
Revenue is an increase in a company's resources from the sale of goods and services.

Write-off
A write-off eliminates a customer's account balance when it is not collectable.

 

 

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