USA
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Contents |
USA Version of TurboCASH
Introduction
This section deals with resources specifically for TurboCASH in the USA. We have recently had a very strong uptake of registrations from the USA. This means that there is a really strong support for Open Source in the US.
TurboCASH does work with the US conditions, we are currently busy ensuring that TurboCASH is optimised for the USA.
To get the latest version of TurboCASH including Enhancements for US users go to Download 3-74-28 from Sourceforge.
Topics of Discussion
- We need to confirm with the users and CPAs if ExampleUSA is an ideal set of books. In my mind (your project leader) it is a bit old fashioned and needs categories like Internet Expenses, Mobile Phone Bills, etc.
- The problem of Tax codes is vexing. There must be around 1000 sales tax codes, different for each county. There are companies that will offer these tax rates as monthly updates for a fee. Starts at about $ 99 per user per year. It takes quite a commitment to ensure accuracy. I can't decide whether this should be done as a paid service or as a community effort. I could try to negotiate a bulk purchase. We currently have around 3000 US registrations, so we will get some buying power. Please send any thoughts to philip@pinksoft.co.za
- TurboCASH has a really powerful XML messaging system to "talk" to other systems. This will make a strong basis for developing plugins.
- We have a generic sales tax report that reports on categories. I need confirmation from a CPA that our report conforms to that required by the IRS.
- Generally still need accountants to check the terminology.
US Invoicing
- What makes US Accounting challenging is that it is like dealing with 50 separate countries.
- Set up Tax sub accounts for each County
- For each regular Customer, assign them a default TaxAccount Code. This can be overwritten per line item, but if set up correctly one should work consistently.
US Sales Tax Tables
The US central government taxes annual individuals and businesses based on income minus allowed deductions (profit). The US government also levies an excise on specific industries. Example, fuel sales of gasoline or diesel are taxed 18.4 cents per gallon and 24.4 cents per gallon respectively. State and local governments may also add specific industry excise taxes as well. Except for industry specific excises taxes, currently the US government does not levy any sales taxes.
Income taxes are also levied by most state governments; Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming do not tax income. New Hampshire and Tennessee tax only dividend and interest income, not payroll. Income tax is levied in a similar manner as the central government.
Sales taxes are levied by individual state governments. Of the 50 states, 45 levy a sales tax on gross sales transactions. Alaska, Delaware, Montana, New Hampshire and Oregon are the five that do not. The sales tax rate is a single flat rate in 14 states: Connecticut, Hawaii, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, Rhode Island, Vermont, Virginia, and West Virginia. In the remaining 31 states, the rate is calculated from of table of rates that include a rate for the state and may include additional rates for city, county, parish, or special districts. All states that charge sales tax periodically publish their tax rates online for free. The District of Columbia, the special area around the US capital, also charges a single flat rate sales tax. Many states also have items exempted from sales tax, such as prescription drugs, food or clothing.
A project started in 2002, the Streamlined Sales Tax project, may in the future successfuly streamline this process. http://www.streamlinedsalestax.org/oprules.html
TABLES
Alaska (AK) - none
Arizona (AZ) - 5.6% base rate+ additional (see state tables) http://www.modelcitytaxcode.org/Tax_rate/Tax_rate.htm
Arkansas (AR) - 6% base rate+ additional (see state tables) http://www.arkansas.gov/dfa/excise_tax_v2/st_index.html
California (CA) - 7.25% base rate+ additional (see state tables) http://www.boe.ca.gov/sutax/pam71.htm
Colorado (CO) - 2.9% base rate+ additional (see state tables)
Connecticut (CT) - 6% base rate
Delaware (DE) - none
Florida (FL) - 6% base rate+ additional (see state tables)
Georgia (GA) - 4% base rate+ additional (see state tables)
Hawaii (HI) - 4% base rate
Idaho (ID) - 5% base rate+ additional (see state tables)
Illinois (IL) - 6.25% base rate+ additional (see state tables)
Indiana (IN) - 6% base rate
Iowa (IA) - 5% base rate+ additional (see state tables)
Kansas (KS) - 5.3% base rate+ additional (see state tables)
Kentucky (KY) - 6% base rate
Louisiana (LA) - 4% base rate+ additional (see state tables)
Maine (ME) - 5% base rate
Maryland (MD) - 5% base rate
Massachusetts (MA) - 5% base rate
Michigan (MI) - 6% base rate
Minnesota (MN) - 6.5% base rate+ additional (see state tables)
Mississippi (MS) - 7% base rate
Missouri (MO) - 4.225% base rate+ additional (see state tables)
Montana (MT) - none
Nebraska (NE) - 5.5% base rate+ additional (see state tables)
Nevada (NV) - 6.5% base rate+ additional (see state tables)
New Hampshire (NH) - none
New Jersey (NJ) - 6% base rate
New Mexico (NM) - 5% base rate+ additional (see state tables)
New York (NY) - 4% base rate+ additional (see state tables) http://www.tax.state.ny.us/sbc/st_rates.htm
North Carolina (NC) - 4.5% base rate+ additional (see state tables)
North Dakota (ND) - 5% base rate+ additional (see state tables)
Ohio (OH) - 5.5% base rate+ additional (see state tables)
Oklahoma (OK) - 4.5% base rate+ additional (see state tables)
Oregon (OR) - none
Pennsylvania (PA) - 6% base rate+ additional (see state tables)
Rhode Island (RI) - 7% base rate
South Carolina (SC) - 5% base rate+ additional (see state tables)
South Dakota (SD) - 4% base rate+ additional (see state tables)
Tennessee (TN) - 7% base rate+ additional (see state tables) http://tennessee.gov/revenue/streamlined/sstdatabase.htm
Texas (TX) - 6.25% base rate+ additional (see state tables) http://www.window.state.tx.us/taxinfo/local/
Utah (UT) - 4.75% base rate+ additional (see state tables)
Vermont (VT) - 6% base rate
Virginia (VA) - 5% base rate
Washington (WA) - 6.5% base rate+ additional (see state tables)
West Virginia (WV) - 6% base rate
Wisconsin (WI) - 5% base rate+ additional (see state tables)
Wyoming (WY) - 4% base rate+ additional (see state tables)
District of Columbia (DC) - 5.75% base rate
ExampleUSA
ExampleUSA is an abridged version of the Chart of Accounts Below. It is based on the Classic US, 5 Digit Main, 3 Digit Sub Accounts Codes. Balance Sheet Items are first, Income/Expense Accounts are Second.
To get the Chart of Accounts Download 3-74-28 from Sourceforge.
| Code | Account Name | Group |
|---|---|---|
| 10000 | Petty Cash | Current Assets |
| 10100 | Cash on Hand | Current Assets |
| 10200 | Regular Checking Account | Current Assets |
| 10400 | Savings Account | Current Assets |
| 10500 | Special Account | Current Assets |
| 10600 | Investments-Money Market | Current Assets |
| 10700 | Investments-Cert. of Deposit | Current Assets |
| 11000 | Accounts Receivable | Current Assets |
| 11100 | Contracts Receivable | Current Assets |
| 11400 | Other Receivables | Current Assets |
| 11500 | Allowance for Doubtful Account | Current Assets |
| 12000 | Inventory | Current Assets |
| 14000 | Prepaid Expenses | Current Assets |
| 14100 | Employee Advances | Current Assets |
| 14200 | Notes Receivable-Current | Current Assets |
| 14300 | Work in Progress | Current Assets |
| 14700 | Other Current Assets | Current Assets |
| 15000 | Furniture and Fixtures | Fixed Assets |
| 15100 | Equipment | Fixed Assets |
| 15200 | Automobiles | Fixed Assets |
| 15300 | Other Depreciable Property | Fixed Assets |
| 15400 | Leasehold Improvements | Fixed Assets |
| 15500 | Building | Fixed Assets |
| 15600 | Building Improvements | Fixed Assets |
| 16900 | Land | Fixed Assets |
| 17000 | Accum. Depreciation - Furniture | Fixed Assets |
| 17100 | Accum. Depreciation - Equipment | Fixed Assets |
| 17200 | Accum. Depreciation - Automobile | Fixed Assets |
| 17300 | Accum. Depreciation - Other | Fixed Assets |
| 17400 | Accum. Depreciation - Leasehold | Fixed Assets |
| 17500 | Accum. Depreciation - Building | Fixed Assets |
| 17600 | Accum. Depreciation - Bldg Imp | Fixed Assets |
| 19000 | Deposits | Other Assets |
| 19100 | Organization Costs | Other Assets |
| 19150 | Accum. Amortiz. - Org. Costs | Other Assets |
| 19200 | Note Receivable-Noncurrent | Other Assets |
| 19900 | Other Noncurrent Assets | Other Assets |
| 20000 | Accounts Payable | Current Liabilities |
| 23000 | Accrued Expenses | Current Liabilities |
| 23100 | Sales Tax Payable | Current Liabilities |
| 23200 | Wages Payable | Current Liabilities |
| 23300 | Deductions Payable | Current Liabilities |
| 23400 | Federal Payroll Taxes Payable | Current Liabilities |
| 23500 | FUTA Tax Payable | Current Liabilities |
| 23600 | State Payroll Taxes Payable | Current Liabilities |
| 23700 | SUTA Payable | Current Liabilities |
| 23800 | Local Payroll Taxes Payable | Current Liabilities |
| 23900 | Income Taxes Payable | Current Liabilities |
| 24000 | Other Taxes Payable | Current Liabilities |
| 24100 | Employee Benefits Payable | Current Liabilities |
| 24200 | Current Portion Long-Term Debt | Current Liabilities |
| 24400 | Customer Deposits | Current Liabilities |
| 24800 | Other Current Liabilities | Current Liabilities |
| 24900 | Suspense-Clearing Account | Current Liabilities |
| 27000 | Notes Payable-Noncurrent | Long Term Liabilities |
| 27100 | Deferred Revenue | Long Term Liabilities |
| 27400 | Other Long-Term Liabilities | Long Term Liabilities |
| 30000 | Equity | Equity |
| 35000 | Retained Earnings | Retained Earnings |
| 40000 | Sales | Sales |
| 40200 | Interest Income | Sales |
| 40400 | Other Income | Sales |
| 45400 | Finance Charge Income | Sales |
| 45500 | Shipping Charges Reimbursed | Sales |
| 48000 | Sales Returns and Allowances | Sales |
| 49000 | Sales Discounts | Sales |
| 50000 | Cost of Sales | Cost of Goods Sold |
| 57000 | Cost of Sales-Salaries and Wages | Cost of Goods Sold |
| 57500 | Cost of Sales-Freight | Cost of Goods Sold |
| 58000 | Cost of Sales-Other | Cost of Goods Sold |
| 58500 | Inventory Adjustments | Cost of Goods Sold |
| 59000 | Purchase Returns and Allowance | Cost of Goods Sold |
| 59500 | Purchase Discounts | Cost of Goods Sold |
| 60000 | Default Purchase Expense | Expenses |
| 60100 | Advertising Expense | Expenses |
| 60500 | Amortization Expense | Expenses |
| 61000 | Auto Expenses | Expenses |
| 61500 | Bad Debt Expense | Expenses |
| 62000 | Bank Charges | Expenses |
| 62500 | Cash Over and Short | Expenses |
| 63000 | Charitable Contributions Exp | Expenses |
| 63500 | Commissions and Fees Exp | Expenses |
| 64000 | Depreciation Expense | Expenses |
| 64500 | Dues and Subscriptions Exp | Expenses |
| 65000 | Employee Benefit Programs Exp | Expenses |
| 65500 | Freight Expense | Expenses |
| 66000 | Gifts Expense | Expenses |
| 66500 | Income Tax Expense | Expenses |
| 67000 | Insurance Expense | Expenses |
| 67500 | Interest Expense | Expenses |
| 68000 | Laundry and Cleaning Exp | Expenses |
| 68500 | Legal and Professional Expense | Expenses |
| 69000 | Licenses Expense | Expenses |
| 69500 | Loss on NSF Checks | Expenses |
| 70000 | Maintenance Expense | Expenses |
| 70500 | Meals and Entertainment Exp | Expenses |
| 71000 | Office Expense | Expenses |
| 71500 | Legal and Accounting Expense | Expenses |
| 72000 | Payroll Tax Expense | Expenses |
| 72500 | Penalties and Fines Exp | Expenses |
| 73000 | Other Taxes | Expenses |
| 73500 | Postage Expense | Expenses |
| 74000 | Rent or Lease Expense | Expenses |
| 77500 | Wages Expense | Expenses |
| 78000 | Utilities Expense | Expenses |
| 78500 | Roads & Curbs Expense | Expenses |
| 79000 | Depreciation Expense | Expenses |
| 80000 | Subdivision Costs Expense | Expenses |
| 81000 | Telephone Expense | Expenses |
| 82000 | Training & Education Exp | Expenses |
| 82500 | Travel Expense | Expenses |
| 83500 | Union Dues Paid Expense | Expenses |
| 84000 | Union Welfare Expense | Expenses |
| 84500 | Rent-Office | Expenses |
| 85000 | Rent-Equipment | Expenses |
| 85500 | Water Mains Expense | Expenses |
| 86000 | Postage & Freight Exp | Expenses |
| 89000 | Other Expense | Expenses |
| 89500 | Purchase Disc-Expense Items | Expenses |
| 90000 | Gain/Loss on Sale of Assets | Expenses |
ExampleUSA-CA
This is based ExampleUSA, but the California Tax Codes have been added in the Tax Account and corresponding "Cash Debtors" have been created for each county.
GenericUSA
This Chart of Accounts is based on a 3 Digit Main 3 Digit Sub, with Income and Expense first and Balance Sheets second. This is the way the British Colonies and many other countries work. You can use this in the US Especially if you are involved with International companies.
> SALES
> Inc / Exp
> INCOME
> G010
> OTHER SALES
> Inc / Exp
> INCOME
> G020
> SERVICE REVENUE
> Inc / Exp
> INCOME
> G050
> CONSULTING SERVICES
> Inc / Exp
> INCOME
> G060
> INTEREST EARNED
> Inc / Exp
> INCOME
> G070
> RETURNS & ALLOWANCES
> Inc / Exp
> INCOME
> G075
> INCOME TAX REFUNDS
> Inc / Exp
> INCOME
> G080
> PURCHASES
> Inc / Exp
> COST OF SALES
> G100
> FREIGHT
> Inc / Exp
> EXPENSES
> G180
> MARKETING COSTS
> Inc / Exp
> EXPENSES
> G190
> ADVERTISING
> Inc / Exp
> EXPENSES
> G200
> AUTO EXPENSE
> Inc / Exp
> EXPENSES
> G205
> AUTO LEASE EXPENSE
> Inc / Exp
> EXPENSES
> G206
> BANK CHARGES
> Inc / Exp
> EXPENSES
> G210
> DEPRECIATION-FURNITURE
> Inc / Exp
> EXPENSES
> G215
> DEPRECIATION-EQUIPMENT
> Inc / Exp
> EXPENSES
> G216
> DEPRECIATION-VEHICLES
> Inc / Exp
> EXPENSES
> G217
> DUES & SUBSCRIPTIONS
> Inc / Exp
> EXPENSES
> G220
> INSURANCE
> Inc / Exp
> EXPENSES
> G225
> INTEREST EXPENSE
> Inc / Exp
> EXPENSES
> G230
> LICENSES & FEES
> Inc / Exp
> EXPENSES
> G235
> LOSSES ON BAD DEBT
> Inc / Exp
> EXPENSES
> G240
> LOSSES ON BAD CHECKS
> Inc / Exp
> INCOME
> G241
> MISCELLANEOUS EXPENSES
> Inc / Exp
> EXPENSES
> G245
> OFFICE EXPENSE
> Inc / Exp
> EXPENSES
> G250
> OFFICE SUPPLIES
> Inc / Exp
> EXPENSES
> G251
> INSURANCES
> Inc / Exp
> EXPENSES
> G254
> POSTAGE
> Inc / Exp
> EXPENSES
> G255
> WAREHOUSE SUPPLIES
> Inc / Exp
> EXPENSES
> G260
> RENT
> Inc / Exp
> EXPENSES
> G270
> REPAIRS & MAINTENANCE
> Inc / Exp
> EXPENSES
> G275
> SALARIES
> Inc / Exp
> EXPENSES
> G280
> COMMISSIONS
> Inc / Exp
> EXPENSES
> G285
> HOURLY RATE WAGES
> Inc / Exp
> EXPENSES
> G290
> PIECEWORK WAGES
> Inc / Exp
> EXPENSES
> G291
> SICK PAY WAGES
> Inc / Exp
> EXPENSES
> G292
> VACATION PAY WAGES
> Inc / Exp
> EXPENSES
> G293
> HOLIDAY PAY WAGES
> Inc / Exp
> EXPENSES
> G294
> PERSONAL PAY WAGES
> Inc / Exp
> EXPENSES
> G295
> OTHER INCOME WAGES
> Inc / Exp
> EXPENSES
> G296
> CONTRACT LABOR
> Inc / Exp
> EXPENSES
> G300
> TRAINING & TRAVEL EXP
> Inc / Exp
> EXPENSES
> G305
> TELEPHONE & FAX
> Inc / Exp
> EXPENSES
> G310
> UTILITIES
> Inc / Exp
> EXPENSES
> G315
> MEDICAL & HEALTHCARE COSTS
> Inc / Exp
> EXPENSES
> G320
> ENTERTAINMENT
> Inc / Exp
> EXPENSES
> G325
> SUTA (EXPENSE)
> Inc / Exp
> EXPENSES
> G400
> FUTA (EXPENSE)
> Inc / Exp
> EXPENSES
> G405
> SDI (EXPENSE)
> Inc / Exp
> EXPENSES
> G410
> TAX PENALTIES - LATE FILING
> Inc / Exp
> EXPENSES
> G415
> EMPLOYER'S SSEC (FICA) EXP
> Inc / Exp
> EXPENSES
> G420
> EMPLOYER'S MEDICARE EXPENSE
> Inc / Exp
> EXPENSES
> G425
> PROPERTY TAXES
> Inc / Exp
> EXPENSES
> G430
> STATE INCOME TAX (EXP)
> Inc / Exp
> EXPENSES
> G435
> FEDERAL INCOME TAX (EXP)
> Inc / Exp
> EXPENSES
> G440
> SALES TAX (EXP)
> Inc / Exp
> EXPENSES
> G445
> OTHER TAXES
> Inc / Exp
> EXPENSES
> G450
> CAPITAL STOCK
> CAPITAL
> G500
> COMMON STOCK
> CAPITAL
> G501
> ADD'L PAID IN CAPITAL
> CAPITAL
> G502
> RETAINED EARNINGS
> Retained Income
> CAPITAL
> G510
> DIVIDEND
> CAPITAL
> G520
> NOTES PAYABLE
> CAPITAL
> G550
> LONG TERM LIABILITIES
> CAPITAL
> G560
> FURNITURE & FITTINGS-NET VALUE
> FIXED ASSETS
> G600
> OFFICE EQUIPMENT-NET VALUE
> FIXED ASSETS
> G610
> ACCOUNTS RECEIVABLE
> Debtors Control
> CURRENT ASSETS
> G700
> CHECKING ACCOUNT
> CURRENT ASSETS
> G705
> ALLOW FOR DOUBTFUL ACCS
> CURRENT ASSETS
> G710
> CREDIT CARD RECEIVABLES
> CURRENT ASSETS
> G715
> PETTY CASH
> CURRENT ASSETS
> G720
> MARKETABLE SECURITIES
> CURRENT ASSETS
> G725
> DEPOSITS PAID
> CURRENT ASSETS
> G730
> POS TRANSFER ACCOUNT
> CURRENT ASSETS
> G735
> POS TILL ACCOUNT
> CURRENT ASSETS
> G740
> INVENTORY
> CURRENT ASSETS
> G750
> PREPAID EXPENSES
> CURRENT ASSETS
> G755
> PREPAID INSURANCE
> CURRENT ASSETS
> G760
> PREPAID TAXES
> CURRENT ASSETS
> G765
> REFUNDABLE TAXES
> CURRENT ASSETS
> G770
> UTILITY DEPOSITS
> CURRENT ASSETS
> G775
> GOODWILL
> CURRENT ASSETS
> G780
> ACCUM AMORTIZATION - GOODWILL
> CURRENT ASSETS
> G785
> CURRENT BANK ACCOUNT
> Bank Account
> CURRENT ASSETS
> B810
> ACCOUNTS PAYABLE
> Creditors Control
> CURRENT LIABILITY
> G900
> SHORT TERM WORKING CAPITAL LOANS
> CURRENT LIABILITY
> G905
> INTEREST PAYABLE
> CURRENT LIABILITY
> G910
> SALARIES PAYABLE
> CURRENT LIABILITY
> G915
> COMMISSIONS PAYABLE
> CURRENT LIABILITY
> G920
> PAYROLL TAXES PAYABLE
> CURRENT LIABILITY
> G925
> PAYROLL TAXES PAYABLE: FWT
> CURRENT LIABILITY
> G926
> PAYROLL TAXES PAYABLE: SWT
> CURRENT LIABILITY
> G927
> FEDERAL INCOME TAX PAYABLE
> CURRENT LIABILITY
> G930
> STATE INCOME TAX PAYABLE
> CURRENT LIABILITY
> G935
> SALES TAXS PAYABLE
> CURRENT LIABILITY
> G940
> FUTA TAXES PAYABLE
> CURRENT LIABILITY
> G945
> VAT CONTROL ACCOUNT
> CURRENT LIABILITY
> G950
> SUTA TAXES PAYABLE
> CURRENT LIABILITY
> G955
> STATE DISABILITY TAXES PAYABLE: SDI
> CURRENT LIABILITY
> G956
> PROPERTY TAXES PAYABLE
> CURRENT LIABILITY
> G960
> EMPLOYEE LOAN PAYABLE
> CURRENT LIABILITY
> G965
> EMPLOYEE INSURANCE PAYABLE
> CURRENT LIABILITY
> G966
> EMPLOYEE CHILD SUPPORT PAYABLE
> CURRENT LIABILITY
> G967
> EMPLOYEE PURCHASES PAYABLE
> CURRENT LIABILITY
> G968
> EMPLOYEE DEDUCTION PAYABLE - TYPE 5
> CURRENT LIABILITY
> G969
> EMPLOYEE DEDUCTION PAYABLE - TYPE 6
> CURRENT LIABILITY
> G970
> NOTES PAYABLE - WORKING CAPITAL
> CURRENT LIABILITY
> G980
> SUSPENSE ACCOUNT
> CURRENT LIABILITY
> G999
