On the navigation bar, select the Accounting tab and Chart of Accounts menu.
On the page, to the right, please click the Add Account button.
Complete the form and check This is a Tax Account.
Only accounts with type, Current asset and Current liability, and subtype, Other asset and Other liability, can be defined as tax account.
Defining a tax account
In the Chart of Accounts, click on the ellipses on the account you want to define as tax account.
Click on Promote to Tax Account.
Only accounts with type, Current asset and Current liability, and subtype, Other asset and Other liability, can be defined as tax account.
Creating tax office
On the navigation bar, select the Settings tab and Taxes menu.
On the page, to the right, please click the Add Tax Office button.
Complete the form and click on Confirm. Note : For USA, users will have to also create a Current Asset - Other Current Asset account for the Tax Receivable account. It will not be used for transactions but it is needed to create the tax office.
Inputs *- Means mandarory
Explanation
*Tax Office
Name of the tax office
*Currency
Currency of the tax office
*Receivable Account
Type and sub type for account has to be Current assets and Other current assets
Account needed to be promoted to tax account in COA click here to learn how) Also make sure the currency selected is the same as the tax office.
*Payable Account
Type and sub type for account has to be Current Liability and Other current liability
Account needed to be promoted to tax account in COA click here to learn how) Also make sure the currency selected is the same as the tax office.
*Reporting Period Frequency
Frequency of submiting taxes
*Settlement/Payment Day
Day of settlement/payment of taxes
*Settlement/Payment Month
Month of settlement/payment of taxes
*Rounding Method
Half up or half down
*Rounding Value
Decimal points
*Reference
Reference for tax office
*Memo
Memo for tax office
Creating a tax
After creating the tax office, click on Add Tax.
Complete the form and click on Confirm.
Inputs
Explanation
*Tax Name
Name of the tax
*Tax Scope
Sale or purchase tax
*Tax Computation
Percentage or fixed amount
*Percentage/Amount
Percentage/Amount
*Define debit and credit accounts separately
Select accounts for debit and credit tax transactions
*Account
Purchase: Type and sub type for account has to be Current assets and Other current assets
Sale: Type and sub type for account has to be Current Liability and Other current liability
Account needed to be promoted to tax account in COA click here to learn how) Also make sure the currency selected is the same as the tax office.
Account selected in the tax office cannot be used again in tax.
*Tax Point
Currently we only support on invoice
*Start Date
Starting date of the tax
End Date
This is optional, you can set an end date for the tax
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