What are Economic Nexus laws?
Some States enforce an Economic Nexus law where sellers pay sales tax for sales made in the state over a certain number of dollars, or over a certain number of transactions, regardless of the physical location of the seller.
How is Economic Nexus Integrated in ARTERNAL?
When you create a transaction, you can calculate tax automatically according to the state listed address in the transaction. ARTERNAL will automatically detect if your transaction has hit Economic Nexus and calculate tax accordingly.
Here are the steps to do so:
Go to Transactions, and create a new invoice by selecting the New Invoice button.
2. In the invoice, select Choose Contact.
3. Select the desired contact, then the contact's address will automatically populate. Then select Browse Inventory to add the desired works.
4. After adding the works, expand the Tax drop-down, then select Auto Calculate. ARTERNAL will automatically calculate the tax accordingly.
5. Select Next, then send the invoice.
6. After sending the invoice, it should show up in the list of invoices. If you would like to pay the invoice, select the Create/View Payment button.
7. Once an invoice is paid, if the invoice has hit Economic Nexus for the state, the invoice will show up in the Economic Nexus card for the corresponding state. To view the Economic Nexus cards, in the left-hand menu, select Economic Nexus.