Tax Types

Tax Types are the various rates of tax that can be applied to sales or purchases. Each item on a sale or purchase can have its own Tax Rate.

Add a Tax Rate

1. Click on the green +Add button, this will open a dialog box.
2. Name your Tax Type, e.g. "UK VAT".
3. Enter the rate in %.
4. Enter the Nominal Account for this Tax Rate.
5. Click Save.

Your new Tax Type will now be shown as created on the table of Tax Types.

Edit a Tax Rate

1. Click on the row of the Tax Type you wish to edit, this will open a dialog box.
2. Make your desired changes.
3. Click Save.

Your Tax Type will now be updated with the new name on the table of Tax Types.

Compound Taxes

Compound taxes are shortcuts for adding multiple tax rates to invoice items. For example, sales in Canada, can have GST and HST tax rates. Using a Compound Tax Type will let you report on the separate sub-taxes individually.

Add a Compound Tax

You can only add Tax Types that you’ve created previously to Compound Taxes.

1. Click the Compound Taxes tab.
2. Click on the green +Add button, this will open a dialog box.
3. Name your Compound Tax Type.
4. Drag and drop the Tax Types applicable to this Compound Tax Type into the ‘In Use’ section.
5. Click Save.

Your new Compound Tax Type will now be shown as created on the table of Compound Tax Types.

Edit a Compound Tax

1. Click on the row of the Compound Tax you wish to edit, this will open a dialog box.
2. Make your desired changes.
3. Click Save.

Your Compound Tax will now be updated with the new information on the table of Compound Tax Types.