How do I process Sales Tax in iPayments?
A department sells shirts for $20.00 including sales tax. The entry made in iPayments will need to be $18.48. The sales tax of $1.52 will automatically calculate for a total of $20.00.
In some cases, the sale of an item including sales tax does not round to an even number. Items sold for $25.00 including sales tax calculate to $23.09 when sales tax is removed, but the tax calculated is $1.90. This adds up to $24.99 creating an extra $.01.
In order to make adjustments for this, Sales & Receivables can add a Sales Tax Adjustment transaction to the account. Please contact Sales & Receivables to request this transaction.