Setting Up Taxes

Taxes are compulsory contributions to the state/country revenue.

One of the primary motivators for compulsory use of accounting tools is the calculation of taxes. iVendNext allows you to make configurable tax templates that you can apply to your sales or purchase transactions.

1. Tax Accounts

For Tax Accounts that you want to use in the tax templates, go to: Home > Accounting > Chart of Accounts. Select an account and click on edit. Select the 'Account Type' as 'Tax' for the account.

2. Sales Taxes and Charges Template

Sales Taxes and Charges Template fetched taxes for your sales transactions like Sales Order and Sales Invoice. Read the Sales Taxes and Charges Template to know more.

3. Purchase Taxes and Charges Template

Purchase Taxes and Charges Template fetched taxes for your sales transactions like Purchase Order and Purchase Invoice. Read the Purchase Taxes and Charges Template to know more.

4. Item Tax Template

The tax set in Item Tax Template applies specifically to an Item or an Item Group. It is given preference over the Sales/Purchase Tax Template. Read the Item Tax Template to know more.

5. Tax Category

Tax category helps in automatically applying sales/purchase tax templates in your transactions based on the customer/supplier chosen. Read the Tax Category to know more.