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.