Recording sales tax in Finale
Tracking sales tax or value added tax is a necessary evil for many businesses. We’ve just enhanced Finale with the tools required to calculate and record this information on all your sales.
Finale makes it easy to handle the simple situation where all of your customers pay the same tax rate (whether a sales tax or a value added tax). In this case you can setup the single tax rate and description as your would like it to appear on sales orders and invoice in the application settings screen. Once you’ve done this, all new sales order will automatically calculate and include the correct tax.
Finale has also has powerful tools to support more complex situations where your business must use different tax rates for different sales, and even track how tax collected on a single sale must be paid to multiple taxing authorities. For example, suppose you have two stores operating in different cities. At the first store you must only collect a single statewide sales tax. At the second store you must collect both the statewide sales tax and also a city sales tax. In Finale you create individual tax items for the state and city sales taxes, and then create a tax aggregate item for the combined tax at the second store. On documents, Finale will just print the total tax owed (even if it is collected for multiple tax authorities), but internally Finale will be tracking exactly how much tax is being collect for the state and for the city separately.
These new tools help make Finale a complete solution for tracking your sales and managing your orders.