Automated taxable transaction reporting/collection system

Details Automated taxable transaction reporting/collection system Automated taxable transaction reporting/collection system

1996-09-23

1998-06-30

Hudspeth, David R.

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Including point of sale terminal or electronic cash register

705 20, 705 21, 705 31, 235376, 235383, 235385, G06F 1760, G06F15700

Patent

active

057748721

ABSTRACT:
An automated transaction tax reporting/collection system. The system includes individual point of sale terminals disposed at each remote vendor location. The point of sale terminals are networked to a central computer, preferably via a plurality of intermediate data collection sub-stations. Each terminal includes means for inputting and storing data regarding taxable transactions, as well as for storing data reflecting the tax accrued on each transaction. This stored data is collected on a periodic, rotating basis by the corresponding data collection sub-station according to control signals generated by the central computer. All of the collected data is ultimately transmitted to the central computer, which is operative to generate reports reflecting the transaction tax due from each remote vendor location. These reports may then be sent to the taxing authority, the individual merchants, and/or to other taxing authorities, such as the federal government. Preferably, each point of sale terminal also includes a printer which prints an official tax receipt for each transaction recorded.

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