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Chart of accounts

Tax codes

Workpapers CS
 provides a set of predefined tax codes that can be assigned to GL accounts. Reports can be generated that provide totals for each code that also serve as bridge amounts for integration with tax applications.
Use the
Firm Tax Code
 screen and the
Tax Code
 screen to add, edit, or delete custom tax codes, which can then be assigned to accounts for grouping into a single line item for integration with other tax applications and to display on various Accounting CS reports. Custom tax codes may also be added on-the-fly to lists in which tax codes or M-3 tax codes are selected.
You can set up tax codes at a client level or firm level.

Special information

  • When you create a new client record, the firm tax codes (including subcodes) are available at the client level.
  • Any new custom tax codes that you add at the firm level are not available to existing clients. If you convert client data from Creative Solutions Accounting (CSA) to
    Workpapers CS
    , the application considers those clients to be existing clients, so the custom firm tax codes will not be available to those clients.
  • You can't change the predefined Standard, Puerto Rico, or M-3 tax codes that are already set up in the application, but you can create custom tax codes for these items at both the client and global levels.
  • The list of tax codes includes all UltraTax CS codes including M-3 codes and user-defined custom tax codes.
  • Tax codes 88888 (Memo code - Include on reports) and 99999 (Memo code - Exclude from reports) are also included in the list of tax codes. These tax codes do not integrate with other tax applications. (Note: Tax code units shouldn't be assigned to tax codes 88888 or 99999.)
  • You can't delete a custom tax code if it is assigned to an account or some other entity.
  • Select
    Delete
     or press Alt+L to delete a custom code. The application prompts you if the item can't be deleted.
  • When adding custom tax codes on-the-fly, the tax codes must be formatted as follows:
    xxx-xx
    . The first 3 characters must be a valid, existing tax code and the final two characters can be any alphanumeric characters (for example, 213-01 or 213-IN).

This article applies to:

  • Product: Accounting CS
  • Subject: Chart of Accounts, Journal entries