Tax Rates
The tax management screen allows you to set the tax rates that can be selected when managing costs and revenue.
Here you can add, remove and update the rates that are available to be selected in the rates properties dialog box in the quotes and consignments module.
Tax rates a for costs and revenue are separate to support the use of the correct accounting code.
The same label can be used for both Cost and Revenue. You should avoid using the same label for multiple tax rates that apply to the same type of rate transaction.
Changes made on this page are not committed until the [ SAVE CHANGES ] button is used.
Sage 50 Integration
The Accounting Code is used as the Tax Code when exporting the rates data for Sage 50. These codes are in the format T0, T1, ect.
The codes must be set up in Sage 50 in order for the data to successfully import into Sage.
Xero Integration
The Accounting Code is used as the tax type when syncing rates into xero.
You can only use the valid Xero account codes!
The most common Tax codes for Xero are:
Code | Description |
| NONE | No tax is applied |
OUTPUT2 | 20% VAT on sales |
INPUT2 | 20% VAT on inputs |
Setting Default Tax Rate
Once you have set up your tax rates you can set the default tax rate for cost and revenue entered.
This is done on the Finance screen in the settings module.