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Sales tax code buckets are an advanced facility to calculate summaries on the consolidated tax statement.
The "Buckets For Tax Collected", "Buckets for Tax Paid", "Buckets For Total Collected", and "Buckets For Total Paid" fields are used to calculate the summary totals on Consolidated Tax Statement.
The buckets are assigned with a comma between each bucket name.
The "Buckets For Tax Collected" will accumulate sales taxes collected for this tax code on the summary totals.
The "Buckets For Tax Paid" will accumulate sales taxed paid for this tax code on the summary totals.
The "Buckets For Total Collected" will accumulate the total amounts collected including taxes for this tax code on the summary totals.
The "Buckets For Total Paid" will accumulate the total amounts paid including taxes for this tax code on the summary totals.
Example
Bucket "G1" assigned to tax collected on VAT 10% will accumulate all taxes for tax code VAT into the G1 bucket
Bucket "G2" assigned to total collected on VAT 10% will accumulate all sales for tax code VAT into the G2 bucket
The summary section of the "Consolidated Tax Statement" will list G1 and G2 buckets with their respective totals.
You can use the bucket facility to calculate the totals of particular taxes to assist with filling out any sales tax remittance to tax authorities.