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Sales Tax Rates
To access the Sales Tax Rate page, use the
- Financials\Tax Rates
menu option.
The Sales Tax Rate page displays a list of all the sales tax rates that have been set up in the system.
Field Definitions
| Field | Meaning |
|---|---|
| Name | Descriptive name of the tax rate. |
| Type | The type of transactions this rate will be applied to - Sales, Purchases or Tax Exempt. |
| Rate | The percentage rate for the tax. |
| Default | One tax rate for each of the 3 tax types (Sales, Purchase, Tax Exampe) can be marked as the default for that type. When a rate is the default, it will be automatically selected by the system when a new transaction of that type is created. |
| Disabled | Marking a rate as disabled will remove it as an option when creating or editing transactions. When a tax rate is associated with one or more transactions, it cannot be deleted from the system. Marking a rate as Disabled will prevent new transactions from being recorded with the old rate of tax. |
Creating and editing Sales Tax Rates
The Sales Tax Rates page follows the standard List Page Actions paradigm.
Note
Changing the percentage rate of a Sales Tax Rate will change the tax percentage of every transaction in the system with that rate applied. If you need to change the tax rate due to a change in the tax law for example, you should create a new Sales Tax Rate with the new rate and make that the default rate for the appropriate tax type.