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