Introduction to Taxes in RepairQ - Start Here!

How Are Taxes Recorded in RepairQ?

A crucial part of managing a retail business is proper control of taxes. RepairQ divides taxes into three separate categories for management: Tax Groups, Tax Classes, and Tax Rates. Users are responsible for assigning Groups, Classes, and Rates to their catalog items, based on local/state requirements.

 

Tax Groups determine how taxes display on tickets. RepairQ Tax Reports are calculated based on each Tax Group. 

Tax Classes define a tax type, rate, and which Tax Group to add to the tax class amount. Tax Classes that apply to an item are summed into their Tax Group. Classes are applied to specific Item Types of your catalog items for particular locations based on Tax Rates that you define.

Tax Rates apply Tax Classes to specific item types for a location. This is managed at the location level, so separate locations will need to set up their tax rates for proper tracking of all applicable taxes. Changing a tax rate will not retroactively change the tax amounts saved for ticket items on closed tickets.

 

In addition to the resources below, we recommend consulting your accountant for any questions regarding your city/state tax reporting.

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Tax References

RepairQ Accounting Principles

Accounting Journal Entries - Overview

Tax Calculations for Bundled Items

GST Inclusive Pricing/Discount Enhancements

Tax Setup

Setting up Taxes

Accounting Journal Entries - Set Up Accounts

Tax Overrides on Tickets

Sales Tax Override

Tax Reporting

Tax Report

Revenue and COGS Reports

Inventory Valuation Reports

Inventory Valuation Detail Snapshots

End of Year Inventory Valuation Calculation

 

 

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