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Input and Output Taxes
Marius Steenkamp 
    
5 years ago
Morning Richard

Is the a tech Help video on how to setup input and output taxes?

Regards

Marius
Scott Axton  @Reply  
        
5 years ago
Sorry no - there is not a TechHelp video on Taxes.  

Richard starts covering that in the Microsoft Access Expert 8 Course
Richard Rost  @Reply  
           
5 years ago
I wasn't familiar with "input and output" taxes until I Google'd it. If I have this correct:

"The mechanics of the VAT system is based on a subtractive or credit input method which allows the registered business (vendor) to deduct the tax incurred on business expenses (input tax) from the tax charged on the supplies made by the business (output tax)."

So essentially if you collect $1000 in taxes from your customers for the goods you sell, but you've paid $800 in taxes on those goods, then you only owe $200 in taxes to the government. Right?

We don't do it like that here in the States. A business who purchases goods from a wholesaler is "tax exempt" and doesn't pay tax on those goods as long as they're for resale. The business then collects 100% of the sales tax from the customer and remits it to the state.
Richard Rost  @Reply  
           
5 years ago
But yes, the concepts would be the same. As a business, you would charge your customers the sales tax as I cover in Access Expert 8. Then you'd have to keep track of the tax you paid on your supplies, and subtract that from the total tax you owe.

This thread is now CLOSED. If you wish to comment, start a NEW discussion in Access Forum.
 

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