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How do I add tax codes to Unleashed?
Does Unleashed support margin tax scheme on VAT?
Why won’t my transaction complete without a tax code assigned?
What if I want a 0% tax on my transaction?
Should I apply my tax code to my contact records or on my product?
How do I update the tax codes I set on my products or contacts?
How is tax calculated in Unleashed?

 

How do I add tax codes to Unleashed?

You need to create your tax codes in your accounting provider (Xero or QuickBooks), and then download your settings to Unleashed.  This way the tax rates you set on your transactions match what is in your accounting software.

How to download tax from your accounting provider

  1. Go to Integration | Integration Store
  2. Click on your accounting provider (Xero or QuickBooks).
  3. Go to the Manage Data Your Data tab.
  4. Here you can select the Import Taxes option.

 

Does Unleashed support Margin Tax scheme for VAT?

Unleashed does not support Margin scheme tax for VAT.

 

Why won’t my transaction complete without a tax code assigned?

Tax codes must be assigned on either the;

  • Product
  • the Supplier/Customer record,
  • or on the transaction itself.

If there is no tax code assigned in any of these levels, Unleashed does not allow you to complete the transaction.

 

What if I want a 0% tax on my transaction?

You still need to apply a 0% tax value to your transaction as a tax code, either created in your accounting software or within Unleashed — if your account is standalone. Standalone accounts can be set to 'No Tax' as a default, and then applied to all transactions. This can be done via the Settings | System | Taxes menu.

 

Should I apply my tax code to my contact records or on my product?

A tax code applied to a product overrides a tax code applied to a contact record, so it’s a good idea to decide which option suits your business needs. If you primarily sell locally and always with the same tax code — such as 15% GST — then it’s best to apply your tax code to the product. If you sell both locally and internationally, then it’s best to set the specific tax code needed to your Supplier or Customer. This way when you create a transaction and input the contact, their tax code is applied to the product automatically.

 

How do I update the tax codes I set on my products or contacts?

The easiest way is by;

  • exporting your contact or product records,
  • updating the codes on the spreadsheet, and
  • re-importing them.

The tax rate is recorded in a decimal format, i.e, 15% is 0.15, and the code itself is used, i.e, OUTPUT2.

You can see the different codes used for the tax types at Settings | System | Taxes.

 

How is the tax calculated in Unleashed?

  1. Unleashed calculates tax on each line item and not the subtotal. Tax totals are rounded to 2 decimal places (dp).
  2. Tax totals are calculated by the sum of all line taxes.
  3. The tax total is then added on to your sub-total to create the total of your transaction.
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