Point of Sale (POS) Glossary
The sales tax rate is the percentage of tax that is collected from a customer when an item is sold in a retail store. Most merchants must collect sales tax from customers, though there are some exceptions. In many locations, unprepared grocery store food is not subject to the same tax as prepared restaurant food. Additionally, some customers may be exempt from sales tax, such as those purchasing items for resale.
A point of sale system must calculate the correct tax that applies to different product types and the location where items are being sold. It must also process exceptions that might apply to a specific customer. Additionally, a POS must track sales tax collected and the reasons for any exceptions, so that the merchant can accurately report and pay the sales tax they have collected to the government.
The most comprehensive set of glossary terms in point of sale industry.
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