How to set up Taxes?

For Indian users the GST Tax Master for all tax rate slabs is pre-populated. User need not do separate tax addition.

Lets see how to set up Taxes in ProfitBooks for Non-Indian Users.

Please go to Accounting > Taxes

You will see all the tax list with option to make Inactive.

Click on New Tax to add a new tax rate as applicable.

Please fill up all the details such as Tax Name.

Start from : This option helps you in selecting the date.

Filing frequency : Select the option from the drop down namely Monthly, Quarterly,, Half Yearly or Yearly.

Tax applies to : Check sales or purchases

Calculate on : Mention the percentage on n% of base price

Sale tax rate:

Purchase tax rate

Description: Details about the tax

You can also add up linked taxes

Fill in details such as Tax Name, Registration number, caluclation method, sales tax rate, description.

Click on save and it's done.

You can also read about
How to do set-up and configuration in ProfitBooks?
How to record Journal Entries
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