How to set up Taxes?
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For Indian users, the GST Tax Rate is pre-populated. User do not need to create separate tax account.
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Let's see how to set up Taxes in ProfitBooks for other Taxes.
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Please go to Accounting > Taxes
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1) You will see all the tax list with option to make Inactive.
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2) Click on New Tax to add a new tax rate as applicable.
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3) Please fill up all the details such as Tax Name.
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4) Start from: This option helps you in selecting the date.
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5) Filing frequency: Select the option from the drop down namely Monthly, Quarterly, Half Yearly or Yearly.
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6) Tax applies to: Check sales or purchases
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7) Calculate on: Mention the percentage of base price on which tax is to be calculated
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8) Sale tax rate
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9) Purchase tax rate
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10) Description: Details about the tax
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You can also add linked taxes: Fill in details such as Tax Name, Registration number, calculation method, sales tax rate, description.