How to Manage Sales Tax Compliance in Sage 100_ Manual or Automated
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How to Manage Sales Tax Compliance in Sage 100_ Manual or Automated
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How to Manage Sales Tax Compliance in Sage 100_ Manual or Automated
- 1. Live Webinar: Webinar Audio: You can dial the telephone numbers located on your webinar panel. Or listen in using your headphones or computer speakers. Welcome!
- 2. Webinar Details • Presentation is roughly 1 hour • All phone lines are muted • If anyone has any questions during this webinar – please type them in your Questions Box located at the bottom of your webinar panel
- 3. Today’s Presenters Sean Munzert Sales Manager – Sage 100 Maureen Bartels Senior Business Consultant Mary Orefice Account Executive - Compliance
- 4. 180+ Business Technology Architects and Consultants IT Road Mapping & Strategic Planning Business Process Review Ecosystem BI, Analytics & Reporting Cloud & IT Managed Services ERP/ Accounting Web Development & e-Commerce Sister Company Payment Processing SWYPE Sister Company CRM & Marketing Automation HRMS/ Employer Solutions Document Management Compliance Solutions: Sales Tax | Fixed Assets Managed Print Services Sister Company
- 6. • Changing or upgrading accounting system • Implementing or changing eCommerce platform • Executive management change or other staff change • Entering a new market (could be a state, vertical or functional area) • New products • Going through an audit • Merger or acquisition • Regulation changes Common Catalysts for Changing Sales Tax Compliance Process
- 7. Nexus is a physical or perceived presence within a taxing jurisdiction. Nexus is defined as sufficient contact with a taxing jurisdiction so as to require a person or business to register to collect and remit Sales and Use tax. Nexus must be present for a jurisdiction to have the authority to require a business to register to collect and remit tax. Nexus requirements vary depending on the state and the type of tax involved. Remote workforce Multi-state locations Hosted data centers SaaS model or web delivery Distributed customers Subscripting billing Trade shows & conferences Online sales Drop Shipments Reseller commissions Advertising/affiliates Inventory/warehouses Nexus
- 8. Tax Solutions Use Tax is imposed on consumers of tangible personal property that is used, consumed, or stored in that state. Consumer's Use Tax applies to purchases from out-of-state vendors that are not required to collect tax on their sales. Sales and Use tax generally applies to most leases of tangible personal property.
- 9. Tax Solutions 0% 10% 20% 30% 40% 50% 60% 70% AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY Sales tax as percentage of state revenue* Landscape of the Market Today *Total sales and gross receipts taxes as reported 2015 by the Census Bureau Sales Tax: A tax imposed on the privilege of making sales. Usually laws require the seller to collect funds for the tax from the consumer at the point of purchase. See also “Consumer Use Tax” to differentiate this type of tax
- 10. Tax Solutions 60,000+ Distinct Sales and Use Tax Rates 11,000+ Jurisdictions
- 11. Trends leading to more automation
- 12. Tax Solutions Calculation Perform tax calculations down to the rooftop level Tree Trimming in California Taxable With Lights Exempt Labor Only Snow Removal in Midwest Taxable Ohio Exempt Illinois Candy Bars in Indiana Taxable Nestle Crunch Exempt Kit Kat, Twix New York Taxable Sliced Bagel Exempt Whole Bagel Takeout in Colorado Taxable Straws, Cup Lids Exempt Cups Donuts in Texas Taxable <5 Exempt >6 Track tax rules for millions of items in one easy consolidated place
- 13. Tax Solutions Certificate Management Intelligent certificate management software
- 14. Tax Solutions Returns Ability to generate signature-ready PDF returns with options to outsource remittance on your behalf Use Tax Accurately calculate and report your consumer use tax
- 15. Managing tax manually is a drain… • Hours per month per employee • Source: Aberdeen Group, November 2014 Tax Solution
- 16. It creates risk… Source: Wakefield Research, July 2013 Average total cost for businesses to manage a sales tax audit 44% can't remember the last time they updated their sales tax processes Percentage of businesses that believe a sales tax auditor would find a mistake Less than one month 23% 1 - 6 Months 20% Over 6 Months 44% Tax Solution
- 17. Tax automation: Near-instant calculations Validates data inputs Apply exemptions Returns for every jurisdiction Complete tax content Register when nexus added Integrates with most systems Interoperability between systems Guaranteed accuracy International coverage Complete functionality provides full end-to-end compliance Tax Solution
- 18. Sales Tax Manual Process
- 19. Sales Tax Setup Define a Tax Class – Nontaxable, Taxable, Taxable Freight Define a Tax Code Define a Tax Schedule There are 3 steps to set up Sales Tax in Sage 100:
- 20. Sales Tax Setup Assign Sales Tax Schedules… • Assign a default Tax Schedule to your Customers. This can be changed during data entry of your sales orders or invoices.
- 21. Sales Tax Setup Assign Sales Tax Schedules… • Assign the schedule to ship to addresses, which can also be changed during data entry.
- 22. Sales Tax Setup Exemptions… • If the customer is exempt from sales tax, you will want to protect yourself by collecting their sales tax exemption certificate (each year). • In Customer Maintenance, enter the exemption number for each exempt tax code (and the ship to address).
- 23. Sales Tax Setup Sales Tax Report… • Sage 100 Sales Tax Report can be printed at the end of each month, for specific or all tax codes.
- 24. Sales Tax Setup Use Tax in Sage 100: . . . Use Tax is a sales tax that you as the purchaser owe on items that you buy for your own use. This would happen if you purchase from an out-of-state business, catalog or internet sales, or the seller just didn’t collect sales tax. Use Tax must be calculated and paid to your home state if you purchase something and tax was not collected by the seller. Is your Use tax Recoverable or Non- Recoverable?
- 25. Sales Tax Setup Use Tax … • Sage will help you track Use Tax in Accounts Payable by vendor. Setup the default Tax Schedule here; this schedule can be changed during data entry.
- 26. Sales Tax Setup Use Tax Report … • Sage 100 Use Tax Report can be printed at the end of each month, for specific or all tax codes.
- 27. Resources 27
- 28. Resources Mary Orefice Account Executive – Compliance Direct: (804) 298-3810 morefice@netatwork.com www.netatwork.com
- 29. Please type in your questions Any Questions?
- 30. Thank You For Attending! Mary Orefice | Net@Work Account Executive - Compliance Phone: 804-298-3810 morefice@netatwork.com www.netatwork.com Connect with 800-719-3307 www.netatwork.com netatwork.com/blog Net@Work YouTube Follow us on Twitter: @netatwork_corp Follow Net@Work on LinkedIn Follow Net@Work on Google+ Follow Net@Work on Facebook Contact your Net@Work Account Manager for any questions or concerns. Or you can reach out to us via the information below!