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Setup Tax Rates

Updated

Setting up taxes is a multistep process. If any of your goods/services are taxable, to setup your taxes you will need to configure:

  1. Setup Product Tax Categories
  2. Setup Tax Regions
  3. Setup Tax Rules
  4. Setup Tax Rates
  5. Setup Tax Sets

In most cases, sales tax rates must be configured for the physical location that the chamber/association has a presence (nexus). If you operate in multiple states, you would need to enter the tax rates for each state.

  1. Click Setup
  2. Click Taxes in the Finance section.

  3. On the Tax Rates tab, click the Add button.

  4. Enter a Name for the tax rate. For Example: Minnesota to identify a Minnesota tax rate.
  5. Enter an optional Description of the tax rate.
  6. Enter the rate in decimal format. For Example: 6.5% tax rate enter 0.065.
  7. If taxing is a Flat Amount enter the flat amount.
  8. Select the Payable Account that will be used for your taxes payable.
  9. Click Done.

 

The last step is to set up your tax sets.