We are trying to set up some stock items that we buy tax free but sell including tax. Is there an easy way to do this?
So far our attempts have either included tax on the purchase as well as sale or excluded tax on both. The supplier and customers are set up correctly with their correct tax zones.
Best answer by Laura03
Hello,
Please try removing the 10% tax zone from the Importer-vendor. Alternatively, if you must report the goods that were imported with 0% tax, then create a 0% zone and attach the 0% zone to the importer-vendor for reporting purposes.
Assign the imported items to Taxable Tax Category.
In Taxes screen, the Tax schedule needs one Input and one Output group (one group is tax paid on purchases and the other is tax paid on sales).
Laura
+19Hello,
It may help us answer, if we know your tax jurisdiction/your location. It may be helpful to know whether you pay tax on some goods from the same vendor, and whether the vendor charges you the tax owed at the time of purchase.
In the US, it’s common for “goods for resale” to be not taxable on purchase, yet taxable when we sell to a retail customer. In this case we add Taxable Category to stock items, remove the Tax Zone from the Vendor and add the tax Zone to retail customers.
Laura
Hi,
We are in Australia using MYOB Acumatica. Here we buy and sell domestically pretty much everything with a straight 10% tax. We import some of stock from overseas and pay no tax on those imported goods, however we sell them with the 10% tax on them.
Steph
+19Hello,
Please try removing the 10% tax zone from the Importer-vendor. Alternatively, if you must report the goods that were imported with 0% tax, then create a 0% zone and attach the 0% zone to the importer-vendor for reporting purposes.
Assign the imported items to Taxable Tax Category.
In Taxes screen, the Tax schedule needs one Input and one Output group (one group is tax paid on purchases and the other is tax paid on sales).
Laura
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