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How to Create a Taxation Item

FastTrack360 Version 12 Online Help

How to Create a Taxation Item

To create a new taxation item record, follow the procedure below.

How to Create a New Taxation Item Record

  1.  

Navigate to Billing > Maintenance > Taxation.

The Taxation Maintenance screen opens.

2.

Click Add.

The Taxation Item Entry screen opens.

3.

In the Country field, select a different country if the new taxation item is to apply to countries other than the default country.

4.

In the Name field, type a unique name for the taxation item (for example: VAT, GST).

5.

In the Rate field under the Taxation Rate section of the screen, type the percentage tax rate that is to apply to the taxation item.

6.

In the Validity Start Date field, select the date on which the tax rate is to take effect.

7.

In the Validity End Date field, select the date on which the tax rate is to cease being applicable.

Skip this step if the tax rate is to be applicable indefinitely.

8.

If the tax item is to have multiple tax rates for different periods, click Add to add a new row to the list of rates under the Taxation Rate section of the screen and key in the rate value and validity dates as described in steps 5-7 above.

To add multiple rates, the previous rate must have a validity end date and validity start and end dates of each rate cannot overlap with that of another.

9.

Click Save.

The new taxation item is created and the Taxation Item Entry screen closes.

 

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