{"id":7217,"date":"2014-04-23T17:25:32","date_gmt":"2014-04-23T17:25:32","guid":{"rendered":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/?p=7217"},"modified":"2022-02-04T07:23:38","modified_gmt":"2022-02-04T07:23:38","slug":"tax-recovery-set-up-in-sage-300-erp","status":"publish","type":"post","link":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/04\/23\/tax-recovery-set-up-in-sage-300-erp\/","title":{"rendered":"Tax Recovery Set-up in Sage 300 ERP"},"content":{"rendered":"

Some Tax authorities\u2019 offer tax rebates in specific percentage of the tax amount paid.
\nFor Example: Invoice is of amount 100 INR and total calculated tax on this invoice is 10 INR, where Government allows you to take credit of 20% of total tax amount which is 2 INR here.
\nCan we easily setup such calculations in Sage 300 ERP? The answer is yes.<\/p>\n

Now, Let us see how to configure these types of tax authorities in Sage 300 ERP.
\nCreate\/Use a Tax authority as shown in screen shot given below.<\/p>\n

\"1\"<\/a><\/p>\n

Go to the accounts tab you will see below screen<\/p>\n

\"2\"<\/a><\/p>\n

Fill in the Tax Liability Account as it is a mandatory field. Check the tax recoverable check-box map the appropriate account to which you need to expense out the tax amount.<\/p>\n

Recoverable Rate: Here you have to define the Rate (%).<\/p>\n

Below are the GL effects of AP Invoice which is applied Tax recoverable tax authority as per above example.<\/p>\n

\"Untitled\"<\/a><\/p>\n

When you run the trail balance of Tax Recoverable account you get an accumulated amount of which you can take a tax credit from the Tax Authority.<\/p>\n","protected":false},"excerpt":{"rendered":"

Some Tax authorities\u2019 offer tax rebates in specific percentage of the tax amount paid. For Example: Invoice is of amount 100 INR and total calculated tax on this invoice is 10 INR, where Government allows you to take credit of 20% of total tax amount which is 2 INR here. Can we easily setup such\u2026 Read More »<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[79,877,2324,2820,2825],"class_list":["post-7217","post","type-post","status-publish","format-standard","hentry","category-sage-accpac","tag-accpac","tag-erp","tag-sage-300","tag-tax-recoverable","tag-tax-setup"],"yoast_head":"\nTax Recovery Set-up in Sage 300 ERP - Sage 300 ERP \u2013 Tips, Tricks and Components<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/04\/23\/tax-recovery-set-up-in-sage-300-erp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Recovery Set-up in Sage 300 ERP - Sage 300 ERP \u2013 Tips, Tricks and Components\" \/>\n<meta property=\"og:description\" content=\"Some Tax authorities\u2019 offer tax rebates in specific percentage of the tax amount paid. 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