Tax / Additional Monthly Payment Master Code Maintenance
Main Menu - Billing - General - Add Code / AMPTax Maintenance
Used to create and maintain tax codes and other additional monthly payment (AMP) codes.
The Action Panel contains the control buttons for the screen.
The Code field is a unique identifier for this AMP code. It may be up to 10 characters in length. (Codes are uppercase only. The field will automatically do this for you.)
Use the Vendor Information page to provide contact information for this code (if any). For example, you may be remitting taxes to a different company.
To set up a new tax code, change the Code and Title fields, answer Yes to the tax question, and fill in the tax percentage. A percentage of 6.25% would be entered as 6.25.
When setting up non-tax codes, answer No to the tax question. You now have some choices to make regarding how this code is to function.
The default amount field will prefill the amount field on the General Billing Information screen. (This amount may be modified on a deal-by-deal basis.)
If this code is to be taxed (by the tax codes assigned to the deal), then answer Yes to the Taxable? question.
If this code is to be itemized on billing statements, then answer Yes to the Itemize? question.
You may assign a general ledger account to this master code. This code will print on the Payment Distribution AMPTax Summary.
Assign the Type of Code as needed.
The Quotes Sales Tax Column field is used in ALMSys Quotes and allows you to direct the tax amount to a specific column on the sales tax report. Leave this as zero to deignate that the amount is to go to the first empty column of the report.
The Tax Entity field only comes into play when you are using ALMSys Quotes and need to see sales tax by county information. If so, then set this field to the tax entity (usually the county name) that the deal as a whole is to report to. This means that if you have other tax codes assigned that do NOT have tax entities assigned, then those tax codes would also report to the same tax entity.
Ledger accounts are established on the Ledger page. Ledger accounts for all locations are defined here. Set up the Default Ledger Account and corresponding Default Ledger Offset account for all locations and then use the grid to override these assignments on a location-by-location basis. (If you balance using the Payment Distribution reports, then you do not need to worry about the ledger offset accounts.)
If your journal entry needs to go to a specific department, you may specify that in the appropriate Department field. Department designations may be overridden on a location-by-location basis in the grid.
If you export ledger information, then you may use the ledger account sign reverser buttons to reverse the sign on the amount begin exported. Typically, one sign would be positive and one would be negative.
To delete a master code, press the Delete this Code button. If the code is not being referenced by any deals (active or terminated), then the code will be deleted.
It is quite possible that the tax percentage will change for a master code. If you change the percentage of a master code, ALMSys will find each active deal that has this code assigned to it and recalculate the remaining non-billed months of the amortization schedule.