Taxes

Part of the profits or the income earned by the business had be paid to government as taxes. When goods are taxed, a percentage of their price has to be paid to the government. Here you can add taxes and once the tax codes are created you can group those tax codes as well in myBooks.

New Tax Code

To add a New Tax code. Follow the instructions below.

  1. Click on settings and click on finance then click on Taxes.
  2. To add New Tax, Click on Add New Tax Code located top right hand corner
  3. Provide a Tax Name
  4. Provide a Tax percent
  5. If the tax must be saved as Compound Tax. Select Compound Tax
  6. Click Save

Edit Tax Code

  1. To edit the added tax, Click on Edit field located below options.
  2. Select the tax you choose to edit.
  3. You can edit the tax name and tax percentage entered.
  4. Click save to update the changes.

New Tax Group

To add a Tax Group. Follow the instructions below.

  1. Click on settings and click on finance then click on Taxes.
  2. At least 2 tax codes must be added to create tax group.
  3. Provide a Tax Group Name.
  4. When clicked Added tax code should reflect in dropdown menu.
  5. Club together the tax which you want to add.
  6. Click to save the New tax Group.

Edit Tax Group

  1. To edit the added tax group, Click on Edit field located below options.
  2. Select the tax group you choose to edit.
  3. You can edit the tax group name and tax percentage entered.
  4. Click save to update the changes.

Deleting Taxes

To delete the tax follow the steps below.

  1. Click on settings and click on finance then click on Taxes
  2. Scroll over taxes which was saved and click on trash bin which located below options
  3. Alert message will pop-up to verify your Choice
  4. Choose yes to delete the Tax Code or Tax Group