Sales Tax Collection Allowance-adding to prepared tax bill
We have a client who collects sales Tax in Florida. Has anyone dealt with adding collection allowances to the tax bill when prepared automatically by Acumatica?
We have the FL Dept of Revenue setup as a vendor and tax agency. When we prepare and release the tax report, it gets released automatically in AP also. Therefore, we can't go on and add any detail lines for the collection allowance? Is there a setting I'm missing to not release the tax bill in AP automatically?
I'm assuming we can just do a Debit adj after the fact but I'm looking for a cleaner way to add this to the tax bill Acumatica creates.
Per FL Dept of Revenue: When you electronically file and pay on time, you may take a collection allowance. Be sure to calculate it correctly. The collection allowance is 2.5% (.025) of the first $1,200 of tax due, not to exceed $30 for each reporting location. If you have less than $1,200 in tax due, your collection allowance will be less than $30.
I talked to Accounting and basically we don't use the automatic tax bill feature of Acumatica. After getting the tax report, she goes to the FL website and submits the info, then does a quick check and deducts the $30 on the quick check.
Thanks for checking @ryanxbyte
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Thank you Tim. Ryan's answer was helpful, it may just be easier/less steps to shut off the automatic tax bill feature and book it separately.
Glad we could help. I went to thank our accounting manager for her help answering your question and she had another suggestion - save it as a template so it is literally just a couple button clicks and changing a dollar amount.