Adding custom tax codes

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

Change to CS Support service hours

Our Support department is closed on Friday, April 28th for a company event. However, limited Workpapers CS phone support is available on that date from 9 AM - 5 PM ET.

Tax codes are a set of predefined groupings that you can assign to specific general ledger accounts (via the Tax code field in the Setup > Chart of Accounts screen). You can generate reports that provide totals for each tax code, and you can use tax codes to bridge amounts to tax applications such as UltraTax CS. When you import custom tax codes into UltraTax CS, the application summarizes the tax amounts for import.

In addition to using the predefined tax codes that are included with the application and that are automatically available in the drop-down list for the Tax code field (based on entity type), you can define and then assign custom tax codes.

Notes

  • You cannot delete a custom tax code if it is assigned to an account or some other entity.
  • If you add custom tax codes and then move to a different year, the application will carry them to the new year only if you have not yet entered activity in that year. For example, if you create a new client record in the current year and subsequently move the processing period to the prior year and create custom tax codes in that year, when you move back to the current year, the application will not bring forward the custom tax codes created in the prior year.

Adding custom tax codes at the client level

Client-level custom tax codes apply to the currently selected client only.

  1. Choose Setup > Tax Codes, select the client, and click the Add button.
  2. Select the tax code from the drop-down list.
  3. Enter up to two alphanumeric characters in the Subcode field, and enter a description in the Description field for the new tax code.
  4. Click Enter to save the new tax code for the client.

Note: You can add Custom tax codes on the fly for a selected client, from the Setup > Chart of Accounts screen.

Adding custom tax codes at the firm level

Firm-level custom tax codes apply to any client of the specified entity type.

  1. Choose Setup > Firm Information > Firm Tax Codes.
  2. Click the Add button.
  3. Select the entity type and tax code from the drop-down lists.
  4. Enter up to two alphanumeric characters in the Subcode field, and also enter a description for the new tax code.
  5. Click Enter to save the new tax code for the firm.

Examples

Example 24 button The following scenarios illustrate the advantages of using custom tax codes.

Share This