You can choose between two tax methods to use with Quick Estimator™ 2005. A standard and a custom method. You should use the standard method if the taxes are always the same for every project. This method might best suit Canadian users. You should use the custom method if some projects might be in different tax jurisdiction or the things you charge tax on varies from project to project.
With the standard method you can set up two separate taxes for use when estimating. You can give each one a name and a tax rate. When entering the tax rate, enter it as follows: To enter a tax rate of 7% just type 0.07 and it will be converted to 7.00%. These rates will be used to automatically calculate the tax on each item that is added to an estimate. If you change the tax rates after you have created estimates, you can click the Update All Projects button to recalculate the taxes for all estimates.
With the custom method you can set up two separate default taxes that will be automatically assigned to each new project you create. See the image below.
You can then edit the taxes for any project without affecting the defaults. You first need to create a list of all the possible taxes you may need by clicking the View / Edit Tax List button. This will open the Tax List from where you can add an unlimited number of taxes. Just enter a name for and a rate for each tax. When entering the tax rate, enter it as follows: To enter a tax rate of 7% just type 0.07 and it will be converted to 7.00%. Once you have created your list you can then select one of these taxes from the Default Tax 1 and Default Tax 2 drop-down lists.
If you change the tax rates on the tax list after you have created estimates, you can click the Update All Projects button to recalculate the taxes for all estimates.