Learn how to set up your taxes, no matter where your business is located around the world.
Many small businesses have to charge sales taxes for goods and services sold. When the tax settings are properly set up, Kashoo will track the sales taxes for you when you sell goods and services as well as tracking sales taxes you have paid on expenses.
To set up a tax go to the
Then go to the
Tax Configuration section and click on
Then enter some basic details such as the tax
Rate, and make sure the
Registered box is ticked. Then click on
Add to create the new tax.
The Sales Tax will now be available for you to use when entering your income and expenses.
What does the “-Sales Tax” function do?
This function is mostly used when entering expenses. For example, if you go out for a meal with a prospect that cost you $100 including tax, you would put the price as $100 and the tax as
-5% Sales Tax. This just means that the subtotal of your meal actually came out to $95.24, but after adding 5% Sales Tax ($4.76), your meal had a total of $100.
This process simply allows Kashoo to track the amount of sales taxes you are paying on expenses without you having to go through the process of doing that calculation yourself.
If you were to have a meal that had a subtotal of $100 and you chose the
5% Sales Tax option, the meal would have a total of $105.00 with 5% tax included.
Reports on taxes payable and receivable can be found in the
Taxes page, by looking at the right hand sidebar.
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