Taxes
Your business’ financials are affected by regulatory taxes and each organization has different country specific taxes to adhere to. You may have added Taxes in the Quick Setup section. You can edit or add further Taxes through the Settings section.
Adding New Taxes
To create or add a new Tax follow steps as below:
Click on the Settings icon found on the top right hand side corner of the screen and click on Taxes.
To add a new tax, click on + New Tax.
Provide a Tax Name.
Enter the relevant Rate in %.
Define if the tax has to be charged at compound rate. Select this option if you charge a second tax in addition to the primary tax.
Click Save.
Editing Tax
To edit an existing Tax follow steps as below:
Click on the Settings icon found on the top right hand side corner of the screen and click on More Settings. Click on Taxes.
In the Edit Tax screen, edit the desired fields such as Tax Name, Rate, Compound Interest.
Click to Save the edited Tax.
Deleting Tax
To delete an existing tax follow steps as below:
Click on the Settings icon found on the top right hand side corner of the screen and click on More Settings. Click on Taxes.
Scroll over the desired tax row and click on the trash bin icon which appears. Confirmation pop-up screen will double check your intention. Click to OK to Delete or Cancel to skip.
Adding New Tax Group
It is customary in some countries to club some taxes under a common head. In such cases you will have to create Tax Group which will fulfill this regulatory requirement. To create a Tax Group follow steps as below:
Click on the Settings icon found on the top right hand side corner of the screen and click on More Settings. Click on Taxes.
Provide a Tax Group Name.
Select the taxes to be clubbed together by clicking on the check box, next to the desired taxes.
Click Save to add new tax group.
