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This chapter describes issues related to tax accounting, assigning taxes, and currency.
In the menu Reports/Inventory are the reports FIFO, Average,
and LIFO. Choose one depending on your accounting method. See Chapter 14—Reports for detailed information
on using the Reports module of Almyta Control System.
Identifying Cost
You can use any of the following methods to identify the cost of items in
inventory:
·
Specific Identification Method
Use the specific identification method when you can identify and match the
actual cost to the items in inventory.
Use the FIFO or LIFO method, explained next, if:
*You cannot specifically identify items with their costs
*The same type of goods are intermingled in your inventory and they cannot be
identified with specific invoices.
·
FIFO Method
The FIFO (first-in first-out) method assumes the items you purchased or
produced first are the first items you sold, consumed, or otherwise disposed
of. The items in inventory at the end of the tax year are matched with the
costs of similar items that you most recently purchased or produced.
·
LIFO Method
The LIFO (last-in first-out) method assumes the items of inventory you
purchased or produced last are the first items you sold, consumed, or otherwise
disposed of. Items included in closing inventory are considered to be from the
opening inventory in the order of acquisition and from those acquired during
the tax year.
· The Book Value column represents a value based on costs specified in the Item Master List.
· There is also Inventory Average Value report, which shows exactly how much was paid for units currently in stock.
To print your company tax id on all purchase orders and invoices:
1. Go to the System/System Related Lists/Company Locations menu:
2. Specify a tax name and a number. If you have two numbers to show (N1 and N2), separate them by a slash (N1/N2).
3. From now on, the tax number will appear on all purchase orders and invoices beneath the total amount.
To print your company tax id on selected purchase orders and invoices only:
1. Go to the System/System Related Lists/Company Locations menu:
2. Create a new memo and specify your tax id in it. Turn on Suppliers and Purchase Orders checkboxes. Close the screen.
3. From the Purchasing menu, go to the Suppliers screen and select this new memo to be a default purchase order trailer for a particular supplier.
4. From now on, when you create a purchase order for this particular supplier, the memo will be automatically referenced in there.
5. The tax id will appear under the Terms and Conditions title.
Follow the same logic on the shipping invoices. Create a memo and turn on the Customers, Shipping Orders, and Invoices checkboxes. Select the memo for customers in the Default Invoice Memo field.
The Tax Table becomes useful for businesses that are collecting taxes. You can populate the Tax Table once and then use it over and over again by selecting from a dropdown box, populated from the table, on all screens where taxes are involved. To populate the table, go to the System/System Related Lists/Tax Table menu and input all applicable taxes there.
To assign a specific tax to a specific customer:
1. Go to the Shipping/Customers & Contacts menu.
2. Go to the More tab
3. Select an appropriate tax from the dropdown list in the Tax field based on a customer geographical location.
From now on, when you create a shipping order to this
particular customer, the tax will be automatically pre-selected for you. When you print an invoice a proper tax will
be shown on it.
In some countries, Canada for example, businesses have to collect two taxes.
With Almyta Control it is easy to do.
1. Go to the System/Administrative Tools/Options menu.
2. On the System tab, turn on the Sales Tax Two checkbox.
3. Select two applicable taxes for a customer.
From now on, when you create a shipping order to this particular customer, the taxes will be automatically pre-selected for you, and when you print an invoice proper taxes will be shown on it.
Almyta Control System can handle more than one currency at a time. For example, US Dollars and Euros.
To configure the System to support multiple currencies:
1. Go to the System/Administrative Tools/Options menu.
2. Switch to the System tab and turn on the Currency conversion checkbox. Click the OK button to apply the change and close the screen.
3. Go to the System/Related Lists/Currencies menu.
4. Check the Use box for all currencies (countries) you need. Use the Add New button to add a new country if needed.
To convert a Purchase Order to a Foreign Currency:
1. Click the toolbar icon or go to the Purchasing/Purchase Orders menu.
2. Select a purchase order. Originally all orders are created in the PC default currency, usually the US Dollar.
3. To convert this order to euros, for example, select the Euro currency from the list at the bottom of the purchase order screen, next to the lightbulb.
4. Then type in the dollar to euro conversion rate.
5. And finally press the Enter key.
6. Press the Enter key again to confirm the conversion.
7. On the Notes/Totals tab, all prices are also shown in euros. Also you can see the total amount in both currencies.
If you print this order using the print button at the bottom of the screen, it will print in Euros. Reports, invoices, and quotes will all be printed in Euros.
Converting a Shipping Order to a Foreign Currency is done the same way as converting a Purchase Order to a Foreign Currency, except it is done on the Shipping/Order Processing screen.