Increase Speed and Accuracy of Sales Tax Calculations

1 min read
April 18, 2014
CoStar Real Estate Manager Blog

Increase Speed and Accuracy of Sales Tax Calculations

With CoStar Real Estate Manager, you can quickly and easily calculate accurate sales tax charges and value-added tax charges on your commercial real estate leases.

The system gives you the ability to maintain tax tables and manage tax rate changes that result in fast and accurate tax calculations.  In addition, the system provides data safeguards that protect you from paying unnecessary sales tax on, for example, a taxable charge that has been deleted.

Create and maintain your tax tables in CoStar Real Estate Manager

Sales tax calculations are enabled from the tax tables you create and maintain within the CoStar Real Estate Manager system, utilizing a single input page to store the multitude of tax authorities and tax rates. This enables you to enter, update and view all of your tax rate information in one place.  Because CoStar Real Estate Manager software can be so readily integrated with other systems, it is also possible to integrate tax tables that may be supplied to you by a third-party source.  Additionally, you can store and easily access guidelines that direct lease administrators on how and when to apply specific taxes.

CoStar Real Estate Manager does the math for you

Tax calculations are executed quickly and accurately within CoStar Real Estate Manager system ensuring a high level of data reliability and consistency. Internal system safeguards protect against inadvertent mistakes by flagging partially completed edits and providing prompts to complete all necessary system edits.  Tax settings for each lease record give you the ability to associate all applicable taxes to the specific lease.

Tax rate changes made easy

Without a system like CoStar Real Estate Manager, changes to sales tax rates involve the tedious task of tracking down each one of the charges affected by the change, and then calculating the new tax charges. The sales tax functionality within CoStar Real Estate Manager includes a streamlined process that will find all of the affected charges in the system and automatically update all of those charges, once you approve the change.  This advanced functionality reduces the number of overlooked changes to taxable charges and greatly increases the accuracy of all tax charge calculations.