Accurate Sales Tax Collection is important, if not one of the top 10 priorities in any implementation. Especially for those customers who require accurate sales tax record keeping for governmental regulations. Ask any company who collects sales tax, most will report the lack of visibility and trust in their current systems ability to calculate sales tax.
So lets change that, luckily for you, you have come to the right place to learn about the sales tax capabilities in Dynamics 365 Business Central. Business Central makes sales tax very easy to setup and process. Below is our guide to setup sales tax in Dynamics 365 Business Central to implement in your business.
Find the sales tax setup options located under the finance menu:
An easy way to quickly setup sales tax in Business Central, is to use the Assisted Setup option to setup sales taxes. Within minutes you can apply sales tax to sales and purchase documents. Using the search bar, search for “setup sales tax” and select “Assisted Setup”
Once, there, select the sales tax setup option and from there, Business Central will open the easy intuitive setup wizard to setup the sales tax tables required.
Tax Groups – Business Central will create the first default group for you called, “Taxable”. This code will be assigned to items and resources.
Assign Tax GL accounts so the appropriate tax transaction types, either sales or purchase.
Here is the best part, you can quickly create your tax nexus jurisdictions on Tax Information page as shown below.
Next, create a name for the Tax Area just created:
7. The final step in this setup wizard is to update the relevant customers, vendors and company information profile page with the newly created tax area record:
We hope you found this guide useful and now you can confidently calculate taxes on various transactions inside Business Central. This setup wizard can be run as many times as needed to create new nexus tax area records and assign them to the correct customers. As a Microsoft Partner, AdCirrus ERP provides expertise in all areas of Dynamics Business Central.
If you have sales tax requirements that your current ERP system cannot handle or need help setting up a more complex sales tax configuration in Dynamics 365 Business Central, book a free demo with our Microsoft Consultant today!
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