Eleven will automatically calculate VAT/GST and sales tax, allowing you to easily track, review, and report taxes of any complexity. Handle negative tax or percentages without falling back on Excel.
You can define tax points: due on invoice or on payment. Eleven will calculate tax rates based on a date, location, type of product, service, or customer. For countries where applicable, taxable amounts in FX will be automatically converted in Base.
This on-demand report will keep you up-to-date on your taxable and nontaxable sales, all broken down by tax agency. This will include support for tax adjustment entries if needed.
Once the Tax Report is verified, Eleven can reconcile and generate the tax due Journal entry.
You can create as many taxes and tax combinations as you need — rates, amounts, groups, withholding tax — and define the basis for the calculations as taxable, on taxable and tax, or on tax.
Book a personal live demo to see how Eleven can streamline your accounting practice and tasks.