You can now enter the tax rated in advance for transactions, and calculate the taxes based on the rates specified for a date range. You can also recalculate the taxes for the saved transactions by modifying the specified tax rates based on the latest rates specified by the tax authorities. You can mass modify the tax rates, and regenerate the taxes for the saved transaction batches.
To set up a date effective tax open the company setup options window.
GP > Tools > Setup > Company > Company > Options (Button)
In the Company Setup Options scrolling window, mark the ‘Enable Tax Date’ checkbox to allow you to use the tax date option for calculating the tax rate for the transaction based on a tax date.
Mark the Use Date-effective Tax checkbox. Select the option to calculate the tax. The option that you select here is used for updating the taxes for saved transactions within the tax effective date range. Transactions that are corrected will be based on the date you select here. You can select the Document date, Posting date or the Tax date to calculate the tax.
NOTE: Select posting date if you want to calculate tax based on the posting date that you specify. Select Tax date if you want to calculate tax based on the tax date that you specify. Select Document date if you want to calculate tax based on the document date that you specify
You must set up the date range for the specified Tax ID to calculate the tax amount or percentage for the transaction.
Open the Date effective Tax Rates Window.
GP > Tools > Setup > Company > Tax Details
Select The Tax Detail ID and click on the Date effective Tax Rates button.
Specify the date range for the specified tax amount or percentage.
In addition to altering these tax percentages individually, you can also utilize the Mass Modify Tax Percentage utility.