Setting up taxes is a multistep process. If any of your goods/services are taxable, to setup your taxes you will need to configure:
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.
- Click Setup
- Click Taxes in the Finance section.
- On the Tax Rates tab, click the Add button.
- Enter a Name for the tax rate. For Example: Minnesota to identify a Minnesota tax rate.
- Enter an optional Description of the tax rate.
- Enter the rate in decimal format. For Example: 6.5% tax rate enter 0.065.
- If taxing is a Flat Amount enter the flat amount.
- Select the Payable Account that will be used for your taxes payable.
- Click Done.
The last step is to set up your tax sets.