Are you Tracking Use Tax? Audits are on the rise.

BankTEL_UseTaxSocial

 

Track Taxes with BankTEL’s AP System.

Within the BankTEL Accounts Payable system, you have the ability to track taxes on invoices. There are two ways to do this:

  •  Including Sales Tax – The AP system offers the ability to enter the percentage of sales tax already applied to the invoice. This allows the user to automatically allocate the sales tax out to multiple locations or centers that the invoice is being expensed to. Using the “apply sales tax” option will allow the system to automatically post the adjusted expense allocations to the core without any additional manual entry.
  • Adding Use Tax – If an invoice needs to include tax, but does not already include it on the overall invoice amount, the BankTEL AP system allows users to automatically calculate the additional tax that must be applied to each location. Within AP, you can preset the appropriate sales tax percentage for City, State, and Other. When an invoice is then allocated to any branches with a pre-defined sales tax percentage, the system will automatically calculate the tax added to each location when the invoice is saved. This makes it much easier for the AP operator. They can key invoices without having to manually calculate additional tax on each invoice.

What Happens if you are Audited?

Use our easy report writer to help provide all information needed for local and state reporting. The report writer in AP allows the users to pull the additional use tax reports at any time. These reports may be filtered or subtotaled by account, branch, or cost center.