Answered: When entering tax classes for the sales…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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When entering tax classes for the sales transaction type, what two items must you enter the tax classes for? What about the purchases transaction type? What information is included in tax groups? What is the purpose of defining vendor groups? How do you change the tax class in individual vendor profiles? List the three methods by which an invoice can be distributed, and give an example of each method. Explain the purpose of each method. What was the purpose for deleting the Accounts Payable opening balances batch in the General Ledger module for Omni Electrical Supplies Ltd.? Which accounts are affected and what must be done to ensure no errors are created?

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