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Microsoft Dynamic GP 2010 : System and Company Setup (part 4) - Company setup - Multicurrency, Taxes

6/19/2013 3:01:11 AM
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3.3 Multicurrency

If you are following the Setup Checklist in Dynamics GP, Multicurrency setup is listed under the Financial series, however it is important to complete this before some of the other setup steps. Even if you are not planning on using the Multicurrency functionality, you will need to define the functional currency for your Dynamics GP company.

Navigate to Microsoft Dynamics GP | Tools | Setup | Financial | Multicurrency to open the Multicurrency Setup window. Select your Functional Currency, Reporting Currency, and the Default Transaction Rate Types. If you will be using Multicurrency, decide whether to allow the Exchange Rate Options and (optionally) enter Passwords for each selection:

Note that the passwords are not masked, so anyone with access to this window will be able to see and change them. When the settings on this window are changed, you will receive the following pop-up message:

Check Links is a process that checks for consistency between related Dynamics GP tables, restores missing or damaged data, and clears out orphaned records. Best practice is to make a backup of your DYNAMICS and company databases prior to running this process.

Check links is found under Microsoft Dynamics GP | Maintenance | Check Links. Select Financial under Series, select Multicurrency Setup in the list of Logical Tables and click Insert to move your selection to the Selected Tables list.

When you click OK you will be asked for a Report Destination, choose Screen. This process should run fairly quickly and return with a No errors found message on the report. If your report shows any errors, consult with your Dynamics GP resource.

If you are planning on using Multicurrency and have already set up exchange rate tables during the system setup in the preceding sections, you can complete the Multicurrency setup for your Dynamics GP company by navigating to Microsoft Dynamics GP | Tools | Setup | Financial | Rate Types. One at a time, select the Exchange Table IDs that you plan to use with this company and the Rate Types to be used with each. The Accounts button will open the Multicurrency Posting Account Setup by Rate Type window where you can select realized gain/loss and rounding accounts for this particular exchange rate table and type. If you will be using different GL accounts for different exchange rates and types, fill in the accounts on this window. Otherwise, if these accounts will be the same for all exchange rates and types, leave this blank. You will have an opportunity to define these accounts on a company-wide basis further on in the setup process.

3.4 Taxes

Tax schedules get assigned to customers, vendors, items, and transactions in Dynamics GP.

Tax details

To start setting up taxes, navigate to Microsoft Dynamics GP | Tools | Setup | Company | Tax Details. To create a tax detail:

  1. 1. Type in a Tax Detail ID —this cannot be changed later.

  2. 2. Type in a Description—the description will help you identify this tax detail on reports and it can be changed at any time.

  3. 3. Choose Sales or Purchases for the Type. This cannot be changed later.

  4. 4. The History checkboxes will be checked by default, it is recommended to track all history in Dynamics GP, so leave these checked.

  5. 5. Optionally enter the Tax ID Number. This ID is not used by Dynamics GP in any way, but may be a handy place to store this information.

  6. 6. Fill in the GL Account number for the tax. This account will be credited for sales taxes and debited for purchase taxes.

  7. 7. Select what the tax should be calculated on under Based On. The most common option for this is Percent of Sale/Purchase. Two other common options are Tax Included with Item Price, which backs out the tax from a sale amount, and Percent of Sale/Purchase plus Taxable Taxes, which is used when setting up taxable taxes.

  8. 8. Select a rounding method under Round. The most common method is To the Nearest Currency Decimal Digit. Note that this is not the default rounding method on this window.

  9. 9. Enter the tax Percentage.

  10. 10. If applicable, enter the Taxable Percent and Min and Max values for Taxable Amount. These are used when either a portion of the sales gets taxed or there are minimums or maximums for an item to be taxable. When a Min value is entered, the Include option gets enabled and you can choose if the tax is based on the Full Amount up to the maximum or the Amount Within Range, using the difference between the Min and Max values. If a Max value is entered, the Qualifiers option is enabled so you can choose how the tax is calculated.

  1. 11. If you are setting up a tax that another tax is calculated on, check the Taxable Tax checkbox.

While there are a lot of options on the Tax Detail Maintenance window, a typical tax setup is fairly simple and looks like the following example:

Tax schedules

Once all your tax details are created, you can set up tax schedules by navigating to Microsoft Dynamics GP | Tools | Setup | Company | Tax Schedules. On the Tax Schedule Maintenance window type in a Tax Schedule ID (this cannot be changed once saved) and a Description. Select one tax detail at a time from the list of the Available Tax Detail IDs on the left and click Insert. The selected tax detail will be added to the list of Selected Tax Detail IDs on the right.

In the following example, the NYC SALES tax schedule includes the NY STATE and NYC tax details:

There is no limit on how many tax details and tax schedules can be set up and the same tax detail can be part of any number of tax schedules. However, changing the percentage on a tax detail will cause all the tax schedules using that tax detail to calculate with the new percentage for future transactions.
 
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