Add Tax Tables

The Add Tax Table feature enables account owners and administrators to create and customize tax tables to fit specific business needs and tax regulations. This tool provides the flexibility to define tax brackets, apply different calculation methods (percentage-based or fixed dollar amounts), and set thresholds for tax application. By organizing tax brackets under predefined tax categories, businesses can ensure accurate and compliant tax calculations across invoices and items. This feature is particularly useful for handling progressive taxes, tiered brackets, or flat-rate taxes.

Prerequisites: Account owners and those with administrator access.

Instructions

1. From the main Dashboard, click the Administration tab.
   
   
   
   
   
   
2. You will enter the Administration Dashboard.
   
   
   
   
   
   
3. Click on Financial Settings.
   
   
   
   
   
   
4. Click Tax Tables from the expanded Financial Settings tab to enter the Manage Tax Tables page.
   
   
   
   
   
   
5. Click the blue Add Tax Table button to enter the New Tax Table page.
   
   
   
   
   
   
6. Fill in all fields (All fields are required):
   
   

   Tax Category Name: This is where you enter the name of the tax category (e.g., "Sales Tax" or "VAT"). This helps differentiate between multiple tax categories for specific uses.
   
   

   Tax Category Color: Choose a color to visually represent the tax category. This is useful for quick identification in the system, especially when managing multiple categories.
   
   

   Rounding Method: This dropdown allows users to select how tax amounts are rounded. Options include:

   ·    Round Up: Rounds the tax amount up to the nearest unit.

   ·    Round Nearest: Rounds the tax amount to the nearest unit (up or down based on standard rounding rules).

   ·    Round Down: Rounds the tax amount down to the nearest unit.
   This ensures consistency in calculations and aligns with business or legal rounding policies.
   
   

   Tax Calculation Method: Choose how taxes are applied to transactions. The options are:

   ·    Per Invoice: The tax is calculated based on the total amount of the invoice.

   ·    Per Item: The tax is calculated individually for each item listed on the invoice.
   This flexibility allows businesses to adapt to regional or industry-specific tax regulations.
   
   
    

7. Once complete, click Save.
   
   
   
   
8. You should then be taken back to the Manage Tax Tables page where you will now see your added tax table.