Tracking Use Tax can be a painful situation for many accounting systems. Luckily with Sage Intacct, Use Tax tracking is automatic. It’s getting through the set-up that can be a little bit confusing. Lucky for you, we have set up a step-by-step guide on setting up use tax tracking right inside of Sage Intacct.
First a note about why Use Tax is so weird. With regular sales tax you either collect the tax on a sale along with the proceeds or you pay the tax along with your purchase. The tax moves along with the regular payment. Not true with Use Tax, though.
Now due to the South Dakota v. Wayfair supreme court case, even if you have a business that sells a product out of the state you manufacture in or distribute it from, you must follow state sales tax laws. Simple checkout cart systems have evolved. Now sales tax must be collected even in states where you no longer have nexus. Sage Intacct can handle all this too, but when the administration is too much we also connect seamlessly to other marketplace solutions. These solutions can even do the tax filing for you!
The nice part about the Sage Intacct use tax tracking is that once it is set you don’t need to touch it again. Follow the steps shown in our guide and Sage Intacct will automatically book the Use Tax liability and expense. It also shows up on all reporting you might need to satisfy you compliance needs.
For our free guide, just fill out the form below and you will be provided with a link to download the PDF! If you have any other questions please feel free to give us a call at 855.913.3228 or shoot us an email at email@example.com!