Customise VAT rates
Default VAT rates are set up, initially to 0%, for tax on purchases, sales, and imports, and tax exempt.
- Add or amend the default tax rates
- Set up as many tax rates and components as required
- Alter the tax rate on any line item if needed
Calculate VAT on each line item in your invoices, quotes, purchase orders and bills.
- The tax rate selected for each item is used to calculate sales tax
- Sales tax on a transaction can be tax inclusive or exclusive, or no tax
- Set up default rates for contacts, inventory items, and accounts
Prepare VAT returns
Run the sales tax report to gather information for completing VAT forms for a selected tax period.
- Get a summary of taxes by rate, component or account type
- View an audit report to see the individual transactions
- Sales tax figures can be generated using the cash or accrual basis