Edition: Enterprise
User-level: Director, System Administrator
Creating tax rates enables you to apply them to expenses and invoice stages.
Adding a new tax rate
Side Navigation > Organisation name > Organisation settings > Financial > Tax
Select Add in the top-right corner of the page
Enter the tax Code (shown to clients in invoices, eg. GST, VAT)
Enter tax Description
Fill in the Component section with Name, Rate and Compound
Select Save
Example below:
After the tax rate is added, it will be available for use in new projects. The Code entered will appear in invoice templates where tax is applicable.
Editing tax rates
Side Navigation > Organisation name > Organisation settings > Financial > Tax
Select the edit pencil to the right of the tax rate > Edit
Edit the name, code, or tax component
Select save in the top right
Note: Tax components cannot be directly edited in regions where a decimal comma is used as a separator, i.e. 11,00% rather than 11.00%
In these regions, tax codes can be updated by adding a new tax component with the required settings and effective date, before deleting the original tax component.
Set a tax rate as not active
Side Navigation > Organisation name > Organisation settings > Financial > Tax
Select the checkbox to the left of the tax rate
Select the dropdown menu on the bottom left > set as not active
Tips!
You can set up multiple tax rates, including tax rates for projects using foreign currencies