Assessing a Fee with Sales Tax

You can calculate and collect sales tax on fees using the Transactions – Deposits, Withdrawal, Payments and Transfers tab, Share Journal Vouchers tab, and Adjustments – Share Withdrawal to General Ledger tab. When assessing a fee online where sales tax applies, Portico displays a Sales Tax dialog box.

How do I? and Field Help

Here is an example of how the process works when assessing a fee online.

1. A teller uses the Transactions – Deposits, Withdrawal, Payments and Transfers tab to debit the member’s share draft account for a service fee. The teller selects the CK product code as the To Product and enters $30.00 in the To Amount field.

2. When the teller presses Tab on the keyboard or clicks elsewhere on the window, Portico will check to see if the Calculate Sales Tax option is selected for the product code. For example, product code of CK (Check Cashing Fee) has the Calculate Sales Tax option selected on the Product Code Information window.

3. If yes, Portico will use the percentages on the Sales Tax Group Code window to calculate the sales tax. For example, the Sales Tax Group Code window lists for 6% to GL 846-001, 1% to GL 846-002, and .75% to GL 846-003.

4. Portico will display the Sales Tax dialog box. The Sales Tax dialog box displays the fee amount assessed in the transaction, the amount of state tax assessed on the fee, the amount of county tax assessed on the fee, and the amount of local tax assessed on the fee.

5. Click OK to add the sales tax amounts to the transaction. Click Cancel to close the dialog box without applying the sales tax amounts.

You can clear the Apply Sales Tax check box to not asses the sales tax, but you cannot change the amounts.

The sales tax will appear under the selected product code in the Transaction Area grid.

6. Click Submit to complete the transaction. The calculated sales tax will be credited to the general ledgers defined on the on the Sales Tax Group Code window. In our example, $1.80 will be deposited to GL 846-001, $0.30 will be deposited to GL 846-002, and $0.26 will be deposited to GL 846-003 in the teller branch.

If the product code selected also has a fee linked to it, a Fee and Sales Tax dialog box will appear, listing both the calculated fee and sales tax amounts. When setting up the product code, you will need to select the Calculate Sales Tax check box on the secondary product code. In this example, the cashier’s check fee, not the cashier’s check.

If you click OK, the amounts will appear under the selected product code in the Transaction Area grid. Click Submit to complete the transaction. In this example, $0.06 will be deposited to GL 846-001, $0.01 will be deposited to GL 846-002, and $0.01 will be deposited to GL 846-003 as listed on the Sales Tax Group Code window, and $1.00 will be deposited to the GL defined on the Product Code Information window.

When you select a product code with the Calculate Sales Tax option on the Share Journal Vouchers tab, the sales tax will be calculated and the Sales Tax dialog box will appear.

You can view and maintain the fee amount and sales tax at an individual transaction level by clicking the ellipsis button at the end of the row to display the Sales Tax dialog box.

If you enter an amount in the Default Options group box and press TAB, the Sales Tax dialog box will appear. When you click OK to apply the sales tax, Portico will adjust the Amount field to include the sales tax.

Once you have clicked Post Transactions, you can no longer access the Sales Tax dialog box using the ellipsis button.

On the Adjustments – Share Withdrawal to General Ledger tab, Portico will calculate the sales tax and display the Sales Tax dialog box when you select a product code with the Calculate Sales Tax option.

When you click OK, the sales tax amount from the Sales Tax Group Code window will appear in the Transaction Area grid.