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Tax Setup and Configuration

Configure tax rates, manage tax groups, and handle tax compliance.

20 min read
4.9 rating
2,345 views
6/1/2024

Guide Information

AuthorTax Specialist
CategoryAccounting
DifficultyAdvanced
Reading Time20 min read

Tags

#tax-setup#tax-rates#compliance

Proper tax setup is essential for compliance and accurate financial reporting. This guide covers comprehensive tax configuration for various business scenarios.

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Select Organization Screen
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On Tap Select Create Manually

Pro Tip: This navigation path ensures you're creating a new organization from scratch with full control over all settings and configurations.

Setting Up Tax Rates

Configure tax rates for different types of transactions and jurisdictions.

Step-by-step:

  • 1
    Access Tax Settings in Configuration
  • 2
    Create tax rate categories
  • 3
    Define tax percentages
  • 4
    Set effective date ranges
  • 5
    Configure tax jurisdictions
  • 6
    Test tax calculations

Tax Groups and Classifications

Organize taxes into logical groups for easier management and reporting.

Step-by-step:

  • 1
    Create tax groups by category
  • 2
    Assign products to tax groups
  • 3
    Set customer tax exemptions
  • 4
    Configure default tax behaviors
  • 5
    Handle mixed tax scenarios

Compliance and Reporting

Ensure your tax setup meets regulatory requirements and supports proper reporting.

Step-by-step:

  • 1
    Review compliance requirements
  • 2
    Set up automated tax reports
  • 3
    Configure filing deadlines
  • 4
    Generate tax liability reports
  • 5
    Maintain audit documentation

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Audit Trail and Compliance

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