The Taxes page enables you to set up taxes within Unleashed. If you have Unleashed in standalone mode (not connected to an accounting provider) you need to make sure that all tax rates are entered manually. If you integrate with an accounting provider, you can create taxes automatically via your configuration page. If there are component taxes, then Unleashed calculates the effective tax rate.
Unleashed does not support the Margin scheme tax for Value Added Tax (VAT).
Tips you should know about Taxes in Unleashed
- Tax rates for the Product will always override the Supplier/Customer tax rate.
- If there is no Product tax rate, Supplier/Customer tax rate will override Default tax rate.
Setting up the taxes page
This screenshot shows an image of what the Taxes page looks like when you're connected to your accounting provider.
You can set up tax rates that override on both a customer and a product level.
How to set up tax percentages
- To set up the tax percentage added to your purchases and sales, go to the Taxes page under the Settings | Taxes.
- If you are connected to your accounting provider, then you can go to your accounting provider's configuration page to do this.
If not, then you can set them up manually on this page.
Entering tax percentages in manually
- Enter in the name of your new tax description in the the Tax Description/Name field, describing the tax, i.e. 12.5% GST on Expenses, or 15% tax on Revenue.
- Enter in the tax code you want to use in the Tax Code field, i.e. a relevant code for the specified new tax (i.e. EXP_15).
- Select either the Sales Tax tick box if your new tax is a sales tax. Or select Purchase Tax tick box if your new tax is a purchase tax. You can also optionally select both, this is suitable for countries that have taxes on both Sales and Purchases, such as GST or VAT.
- Press Add when you are happy with your new tax.
See Mapping your Taxes for information on Accounting Tax menu
Once you have added your new tax code, they become read-only on the Taxes page.
Mapping your taxes
This is only for users connected to your accounting provider.
How to map your accounting provider taxes
- Choose your Accounting tax option from the drop-down menu.
- Options are provided from your accounting provider when you are connected, you can map the tax rate to your Unleashed account.
The Accounting Tax drop-down menu will only show valid accounting taxes to be mapped. This is based on;
- Tax rates must match, e.g. 15% in Unleashed = 15% in accounting provider.
- The sales tax and purchase flags on the tax must match, e.g. Sales Tax in Unleashed has to be matched to a sales tax in tax in the accounting provider.
- It automatically saves.