How to create tax in accounting app?
To create tax in Metro ERP's Accounting App, follow these steps:
1) Go to the 'Accounting' module.
2) Under the 'Configuration' menu, select 'Taxes'.
3) Click the 'Create' button to add a new tax.
4) Configure the Tax:
- Tax Name: Enter a name for the tax (e.g., Tax 9%).
- Tax Type: Choose the scope of the tax (Sales or Purchase).
- Tax Computation: Select the computation method. Options include:
- Percentage of Price: Calculate the tax as a percentage of the price.
- Fixed Amount: Set a fixed amount for the tax.
- Percentage of Price Tax Included: Calculate the tax as a percentage of the price, including the tax.
- Amount: Enter the tax rate.
- Tax Scope: Choose whether the tax is for 'Goods' or 'Services'.
- Tax Account: Select the account to which the tax should be posted. This is usually a tax liability or tax receivable account.
- Tax Included in Price: If the tax should be included in the product price, check this option.
- Active: Ensure that the tax is active.
5) Advanced Options (if needed):
- Affect Base of Subsequent Taxes: Check this if the tax should affect the base amount for subsequent taxes.
- Tax Group: Select a tax group.
- Label on Invoices: This is the label that will appear on invoices for this tax.
6) Save the Tax:
- Once you've entered all the necessary information, click the 'Save' button to create the new tax.
To get more details to create tax, please do contact us at support@metrogroup.solutions