Multi-currency Tax Schedule ID

Hello:

I have the following situation:

The products we make have several government taxes that are set in US 
dollars, but we sell in another currency, so i thought if I can set this tax 
id in dollars and since we update the exchange rate daily there will be no 
problems at all, but in the definition of the tax schedule ID I don't seem to 
find where to set the currency I want.

BTW we do have multi-currency installed and working.

Regards

Luis
0
lguifarro (40)
4/27/2009 9:45:01 PM
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Are you required to collect sales tax outside the US??

You did not say where you were located so I am assuming you are in the US.  
You only collect sales tax in the US in states where your firm has a physical 
presence.  That means a store, warehouse, employee sales rep, etc.  In other 
states you do not collect taxes.  

Let's assume you are selling to Canada and are required to collect local 
Canadian taxes.  You need to invoice your customer in Canadian Dollars, 
including tax amounts.  You need to list the taxes on the transaction in 
Canadian Dollars just like the items.  Thbe customer will also pay you in 
Canadian Dollars.  All of these amounts will post to your GL adjusted by the 
current (at time of posting) exchange rates in US Dollars.

You should be ok.  And NO there is no currency setting in sales tax details 
or schedules.
-- 
Richard L. Whaley
Author / Consultant / MVP 2006-2008
Documentation for Software Users

Get our Free Tips and Tricks Newsletter and check out our books at 
http://www.AccoladePublications.com



"lguifarro" wrote:

> Hello:
> 
> I have the following situation:
> 
> The products we make have several government taxes that are set in US 
> dollars, but we sell in another currency, so i thought if I can set this tax 
> id in dollars and since we update the exchange rate daily there will be no 
> problems at all, but in the definition of the tax schedule ID I don't seem to 
> find where to set the currency I want.
> 
> BTW we do have multi-currency installed and working.
> 
> Regards
> 
> Luis
0
info4071 (3005)
4/28/2009 12:14:17 PM
Thanks for your reply Richard.

We're based outside the US, but our local government has established certain 
taxes depending in our production volume, so if we sell 9 liters of a 
determined liquor we get USD 0.1750 per liter as tax, this doesn't change, 
this value, what does change is the exchange rate from USD to our currency 
that we update daily in GP, so I've thought to set a tax schedule ID that has 
this amount fixed for every item, then when I invoice my customers this tax 
will be in our currency, meaning that it will convert this amount to 
Lempiras, which is our currency in this case.

Regards

Luis 

"Richard Whaley -- MVP 2006-2008" wrote:

> Are you required to collect sales tax outside the US??
> 
> You did not say where you were located so I am assuming you are in the US.  
> You only collect sales tax in the US in states where your firm has a physical 
> presence.  That means a store, warehouse, employee sales rep, etc.  In other 
> states you do not collect taxes.  
> 
> Let's assume you are selling to Canada and are required to collect local 
> Canadian taxes.  You need to invoice your customer in Canadian Dollars, 
> including tax amounts.  You need to list the taxes on the transaction in 
> Canadian Dollars just like the items.  Thbe customer will also pay you in 
> Canadian Dollars.  All of these amounts will post to your GL adjusted by the 
> current (at time of posting) exchange rates in US Dollars.
> 
> You should be ok.  And NO there is no currency setting in sales tax details 
> or schedules.
> -- 
> Richard L. Whaley
> Author / Consultant / MVP 2006-2008
> Documentation for Software Users
> 
> Get our Free Tips and Tricks Newsletter and check out our books at 
> http://www.AccoladePublications.com
> 
> 
> 
> "lguifarro" wrote:
> 
> > Hello:
> > 
> > I have the following situation:
> > 
> > The products we make have several government taxes that are set in US 
> > dollars, but we sell in another currency, so i thought if I can set this tax 
> > id in dollars and since we update the exchange rate daily there will be no 
> > problems at all, but in the definition of the tax schedule ID I don't seem to 
> > find where to set the currency I want.
> > 
> > BTW we do have multi-currency installed and working.
> > 
> > Regards
> > 
> > Luis
0
lguifarro (40)
4/28/2009 2:36:18 PM
Reply:

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