Have you come across a situation whereby you need to set a group of contracts and assets to a tax rate not supported by the Vertex “L” Series rate database? InfoLease does provide SUPs (Special Update Programs) to update tax codes and rates.
Mass Update Asset Tax Codes and Rate
There are three SUPs available to change the state, county or city tax codes and the tax rates on assets. If the asset currently has a tax code of 001-Use Tax, 100-Sales Tax, or 150-Rental Tax, you can change the tax code to a user-defined tax code and rate. The SUP names are:
Each SUP will prompt for a SAVEDLIST of assets, the user-defined tax code, and tax rate. Please note the following limitations:
- This will not run if "Credit Note Processing" has been enabled at either the Lease or Lessor Parameter level.
- Asset NOT set to a tax code of "001" "100" or "150" will not be updated and no error message will be displayed.
- New tax rate is rounded to two decimal places. Ex Tax Rate 4.125% will be rounded to 4.13%.
A special shout-out to Brooke Cunningham from GreatAmerica Financial Services for this Trail Mix idea!