Login to Financio,
Head over to Control Panel
Click on Tax.
Click on the + Button at the bottom right corner of the screen to ADD type of Tax.
Click on the "Type" Column to Select from the Drop-down.
Create your preferred Tax Name.
Choose your Effective date.
Click on Tax Codes.
Create the Tax Code name and the Tax Code Percentage.
Specify the code as Sale Tax/Purchase Tax or Tax Claimable.
|Sale Tax||A sales tax is a consumption tax imposed by the government on the sale of goods and services.|
|Purchase Tax||A tax added to the price of goods sold to consumers.|
|Tax Claimable||These are taxes that can be claimed from the relevant government body.|
- Please ensure that the Tax codes Name and Percentages are valid.
- Tax codes are only applicable to registered Tax registered businesses.
- The relevant tax codes must be applied to the transactions where applicable for the reports to be generated accordingly.