If you need to do a Tax Adjustment, there is 2 options:
- Deal Tax Adjustment for the brokerage to remit.
OR
- Allocate & Pay it to the agent for them do remit.
Deal Tax Adjustment:
On the Commissions Payable tab, you will need to make the line Non-Taxable.
Once the line is Non-Taxable, you will right click on the line and click Tax Adjustment.
The Deal Tax Adjustment will open. You will select the Tax drop down, and tab over. It will automatically insert the amount of the tax adjustment.
Click Post.
If you are needing to transfer the tax to the General fund, you will need to create 2 Journal Entries:
Accounting --> Journal Entry
Fund = Commission
Debit = Sale Tax Payable Account
Credit = Commission Account.
Save & Post.
Accounting --> General
Fund = General
Debit = General Account
Credit = Sales Tax Payable
Save & Post.
You will remit this amount to the Government when you do your normal remittance.
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