When you create your account, default rates will apply automatically. You can add, edit and manage your default rates from the Tax Codes page in the Settings tab.
📌TIP: This can be useful if there’s a change in tax or vat legislation and if you need to add more rates.
Edit or add a tax code
Click Settings on the navigation bar.
Select Tax Codes.
Click a code name to edit it.
Click Add Tax Code if you need to create a new vat rate.
Click the Save button to apply any changes.
Tax code details
When editing/adding a tax rate, take note of the following:
Name
The name you enter must be unique. This is useful when you import a sales or expenses batch and there are two or more tax rates with the same rate. Otherwise, you can simply enter the % value in the import template itself for your own clarity.
Available for
This option allows you to separate tax rates between sales and expenses (depending on your country/region).
Drop-down list order
You can re-order the tax rate types by using the drag button on the left of any row. This will change the order of how they appear within batch entry drop-down menus and the tax reports.
Add or update
When you click Add or Update a tax rate in the pop-up window, this won't apply the changes straight away. Remember to click Save again on the main tax list page after the pop-up window closes to apply your changes.
What next
After you create a tax code, you can select it from the drop-down lists when you code your transactions.
📌TIP: You can also allocate a default tax rate to your Account categories. This means the tax code will apply automatically when you select an account category.