As part of the Affordable Care Act (aka Obamacare), manufacturers of the medical devices will be required to charge Medical Devise Excise Tax (MDET) starting January 1, 2013.
This tax is to be treated like any other sales tax.
US QuickBooks
1. Create an Item Sales Tax (e.g. MDET)
2. If your customers are subject to other taxes, create a Item Sales Tax group which includes
3 Create a Tax Code which is taxable. (You can also use the default called Tax)
4. For each item subject to the MDET, assign the sales tax code.
5. For each customer that is subject to the tax rate assign them the new Item Sales Tax and the Tax Code.
Non US QuickBooks
1. Create an Item Sales Tax (e.g. MDET)
2. If your customers are subject to other taxes, create a Item Sales Tax group which includes the new Item Sales tax and existing sales taxes.
3 Create a Tax Code which is taxable. (You can also use the default called Tax). Use the Item Sales Tax code created in 1 or 2 to this Tax Code.
4. For each item subject to the MDET, assign the new Tax Code.
5. For each customer that is subject to the tax rate assign them the new Item Sales Tax.
Note: You may have to create multiple Item Sales Tax and Tax Codes to handle the different permutations.
