How does ALMSys® handle sales/use tax?
Tax tracking is a strength of ALMSys®. Taxes are tracked by tax entity (city, state, county, province, etc.). ALMSys® calculates the total monthly tax based on the total tax percentage. Then, the tax is broken down by state, county, city, province, or whatever your tax tracking requirements are. Each lease can be assigned up to eight different tax entities to track. As part of the monthly balancing, ALMSys® provides a detailed report by tax entity to assist in your tax tracking requirements.
