Multi-part tax codes let you track different tax components (like GST, PST, QST, or HST) on a single transaction. This is a game-changer for Canadian businesses that need accurate tax reporting to maximize input tax credit recovery.
Creating Multi-Part Tax Codes
Before using multi-part tax codes, you’ll need to create them either in Float or your accounting software. Follow the steps in Creating Multi-Part Tax Codes to set up your codes correctly. Once synced with Float, you’ll be able to apply them across your spending workflows.
Apply Multi-Part Tax Codes in Float
Once your codes are available in Float, you can apply them in these areas:
- Card Transactions: Add a multi-part tax code when entering transaction details. Float will split the total tax into separate fields based on the selected code.
- Reimbursements: Choose a multi-part tax code when submitting an expense. Float will automatically fill in each tax component.
- Bill Pay: Apply a multi-part tax code to a new invoice. You can adjust the total tax amount or manually edit each component.
Importing and Exporting Multi-Part Tax Codes
See: Multi-Part Tax Codes - Importing
See: Multi-Part Tax Codes - Exporting