We would always recommend creating a new tax rule if one is required, rather than adjusting a current tax rule.
⚠️Important: Please consider the impact that adding a new entity will have on interfaces - for example, Financial Export.
To create a new tax rule, follow the steps below:
Navigate to System, Configuration, then select Tax Rules.
Click New.
Complete the following fields:
Code: A unique identifier upto 12 characters long, using underscores as spaces. This cannot be changed after saving.
Rule Description: A short summary of the tax rule. This can be altered at any time. This is typically seen on the Period End reports.
Calculation Description: A short summary of the tax rule, usually set the same as the Rule Description.
Once set as required, click Save changes.
Click Add.
In the sequane pop-up complete the following fields as required:
Operator: Select from the drop-down to determine how the system will use the code.
🤓Tip: Add Value Percentage is most commonly used for VAT items.
Value: Enter the value to determine the value of the tax rule.
Description: Enter the description. This will typically show at the bottom of invoices as the VAT description.
6. Once set as required, click OK.
This tax rule can then be assigned to an analysis code or non-revenue analysis code as required.
All tax rules will show within the Period End reporting.