Fields in this window

Tax Code Information window - Import Duty Tax Codes view

Tax Code

Use up to three characters to enter a code for the tax record you're creating.

Each time you enter a transaction in the Sales or Purchases window, you'll be able use this tax code to assign this tax to the transaction you're creating.

Description

Enter a description for the tax code you've entered. We recommend that your description be short and easy to remember.

Tax Type

Select Import Duty as the tax type that applies to the tax code you're creating. In MYOB AccountEdge, there are three tax types: This tax type should be used by importers bringing goods into the United States from other countries. Tax codes with this tax type are used to record the import duty payable on a purchase order without changing the total amount of the purchase order. (The import duty is treated as a separate transaction since the duty is payable to the federal government, not to the company supplying the goods.)

The other fields in this window are specific to the Import Duty tax type.

In MYOB AccountEdge, there are two other tax types:

Sales Tax - This tax type covers most of the taxes youíll collect or pay. This tax type should be used for state, county and city taxes on retail sales.

Consolidated - This tax type is used for tax codes that are made up of two or more other tax codes. For example, if youíre required to charge both a state sales tax and a local (city or county) sales tax on the sales you make, you can use a consolidated tax code that combines tax codes for both these tax rates.

Rate

Enter the percentage of tax that is associated with the tax code you're creating.

Linked Account for Accrued Duty

Enter or select the account you want to use to track the import duty calculated for this tax code. This account typically is a liability account. Click the zoom arrow next to the field name to open the Edit Accounts window and make changes to the account.

Linked Card for Import Agent

If you've set up a vendor card for your import agent, enter or select that card here.

New button

Click this button to open a new Tax Code Information window and create a new tax code.

OK button

Click this button to accept the entries youíve made in this window.

Fields in the Tax Code Information window - Import Duty Tax Codes view