Properly setting up taxes ensures accurate and compliant financial transactions. After adding taxes, you can link them to items in estimates and invoices for seamless financial processing.
Steps to Add a New Tax
Step 1: Navigate to Income
->Taxes
Step 2: On the Taxes page + New Tax
button to add a new tax rate.
Step 3: Enter Tax information
-
Tax Policy Name: Choose a name for the tax (e.g., VAT, Sales Tax).
-
Tax Rate (%): Enter the percentage rate for the tax (e.g., 5%, 10%).
-
Tax Account: Select the appropriate account (e.g., sales tax).
-
Description: Optional field to provide any additional information about the tax.
Example: Setting Up a Sales Tax (USA)
Here’s an example of how you would create a Sales Tax for the state of California, USA:
Field Name |
Example Entry |
---|---|
Tax Policy Name |
Sales Tax - California |
Tax Rate (%) |
7.25% |
Tax Account |
Sales |
Description |
Standard Sales Tax for California State. |
Step 4: Click Save once the tax details are complete.
The tax you just created will now appear in your list of available taxes.
Additional Features
- Enable or Disable Taxes: Adjust tax rates based on your needs, offering flexibility.
-
Using Taxes in Invoices and Estimates:
- To apply a tax, choose it from the Tax dropdown in the Item Details section while creating or editing an estimate or invoice.
- This ensures the appropriate tax is calculated and included in totals for compliance.After saving, the new tax will be visible in the list of available taxes, ready to be used in both estimates and invoices.
Need Assistance?
If you encounter issues during the export process or need further clarification, feel free to reach out to our support team at support@fynloapps.com. We’re here to help!
Related Topics
🔄 Reactivating a Deactivated Tax
📤 Exporting Your Tax Data
🚫 How to Deactivate a Tax
✏️ How to Edit Tax Information
🗑️ How to Delete Tax Information
🔧 Customizing Display Fields in the Tax List