A tax rate is a percentage or the Fixed amount in which an individual or corporation is taxed. You can customize your sales taxes for your supplier invoices. These settings allow you to create and apply the tax collection for the invoices.
The Supplier Invoices allows you to create both Single Rate Taxes and Multi-Rate Taxes.
- Single Rate Taxes - Method of taxation exclusively on one tax.
- Multi-Rate Taxes - Method of taxation on multiple ones.
Steps to Customize Taxes for your supplier invoices:
- Login and access your supplier Invoices app from the universal navigation menu.
- Click on the More(...) icon and select the settings.
- In the Settings page, click on the Supplier Invoices and select the Taxes.
- You can view the Single - Multi-Rate Taxes.
- Select the Taxation type as the Single Rate Taxes.
- Then, select the Single Rate Taxes tab and click on the Create button.
- You can view the Create Single Rate Tax popup, where you can fill in the following details:
- Tax Code - The code of the tax.
- Tax Rate Type - The type of rate you want to charge (Percentage / Fixed).
- Tax Authority - The authority for whom you pay the tax for Governmental Authority. For example, if the tax is for the state of California means you have to enter the Government tax authority state name.
- Tax Rate - The rate you would like to charge as tax.
- Available for Supplier Invoices - Toggle ON to make the tax available for Supplier Invoices.
- In the Print Label, enter the name you want to show on the create page.
- By enabling the Tax Value Toggle, the Tax value will be shown in the Supplier Invoices Creation page.
- Then, click on the create button.
- The created single-rate taxes will get added to the list.
- You can also Edit or Delete using respective icons under the Actions.
- Now, go to create a Supplier Invoice page.
- In the Products/Items Sold section, you can view the Created Tax code on the dropdown.
- You can also add the new tax by clicking on the Add new.
- You can view the Calculated tax value in the Summary Section.
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