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Taxes

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Points to note

Functional descriptions

Add tax rates

Taxes with an integrated accounting provider

 

The Taxes page allows you to set up and manage various purchasing and sales tax rates within Unleashed. If you are not integrating with an accounting provider such as Xero, Quickbooks or Access Financials you need to make sure that all tax rates are created manually in Unleashed. However, if you are integrating with either Xero, Quickbooks or Access Financials create the taxes in the accounting platform first and they will automatically sync to be created in Unleashed via your accounting integration's configuration page. If there are component taxes, then Unleashed calculates the effective tax rate.

Points to note

  • You can setup a default tax rate at the Product, Supplier and Customer level, to determine the tax rates that apply in Purchase and Sales Orders. 
  • We recommend setting up a tax rate per transaction type, e.g. a tax for Sales and separate tax for Purchases. 
  • Tax rates in Unleashed apply based on a tax hierarchy; whereby the Product's tax will take precedence over the Supplier/Customer's tax rate. If no Product tax is set, the Supplier/Customer tax will take precedence over Unleashed's default tax rate. For more details, see What is the Tax Hierarchy?
  • Once a tax has been added in Unleashed it cannot be edited or deleted. Taxes no longer in use can be obsoleted, provided the tax is not saved in a product, customer or supplier record and has not been allocated to an open transaction. If the tax rate is assigned on open transactions or products, customers or suppliers, an error message will display and you cannot obsolete the tax rate. 
  • An obsolete tax can be re-instated by unticking the Obsolete checkbox.
  • The Purchase and Sales taxes with Tax Code NONE are created by default and cannot be obsoleted. 
  • Unleashed does not support the Margin scheme tax for Value Added Tax (VAT). 

Functional descriptions

Header functions

  • Add: At the top right corner of the Taxes page you'll find a green Add button, which allows you to manually create new tax rates for your Unleashed account. 
  • Default Sales Tax: Use the dropdown menu to select a tax rate that will automatically apply to Sales Orders if no product or customer tax rate is specified. 
  • Default Purchase Tax: Use the dropdown menu to select a tax rate that will automatically apply to Purchase Orders if no product or supplier tax rate is specified. 
  • Tax Name/Code: Use the free text field to filter the tax rates displayed in the Taxes page by their name or code. 
  • Tax Type: Use the dropdown menu to filter the tax rates displayed by their type: All, Sales or Purchase.
  • Obsolete: Use the dropdown menu to filter the tax rates displayed based on their Obsolete status: All, Yes or No.

Grid column descriptions

The following columns will be populated in the Taxes page, based on the header filters applied:

  • Tax Description/Name: Displays the title given to the specific tax rate.
  • Accounting Tax: Displays a dropdown menu to select the accounting tax the tax rate is mapped to. Only available if integrated with an accounting provider (Xero or Quickbooks).
  • Tax Code: Displays the specific tax rate's unique code.
  • Tax Rate: Displays the percentage tax rate.
  • Sales Tax: Shows a checkbox, which if ticked identifies the tax rate as available to Sales transactions (cannot be edited).
  • Purchase Tax: Shows a checkbox, which if ticked identifies the tax rate as available to Purchase transactions (cannot be edited).
  • Obsolete: Tick the Obsolete checkbox to make the tax rate obsolete and no longer available to use. 

Add tax rates

To manually create new tax rates in Unleashed:

  1. From the main menu, go to Settings, Systems and select Taxes.
  2. In the top right of the Taxes page, select Add button (green). 

  3. An Add Tax window will display, where you should advise the new tax's details:

    • Tax Description/Name

    • Tax Code
    • Tax rate (as a numerical value)
    • Sales Tax (tick as appropriate)
    • Purchase Tax (tick as appropriate)

      NOTE: Select either Sales Tax or Purchase Tax for each newly added tax.

  4. Click Add. 

Once a tax has been added in Unleashed it's name, code or rate cannot be edited or deleted. Taxes no longer in use can be obsoleted, provided the tax is not saved in a product, customer or supplier record and has not been allocated to an open transaction. If the tax rate is assigned on open transactions or products, customers or suppliers, an error message will display and you cannot obsolete the tax rate. 

Taxes with an integrated accounting provider

If you have integrated your Unleashed account with an accounting provider such as Xero, Quickbooks or Access Financials, you will need to map the accounting provider's taxes with your Unleashed taxes. If an tax is used in Unleashed, but the tax does not have an Accounting Tax assigned from your accounting integration an "Unmapped tax" error will appear in the record or transaction and it will fail to update or complete. 

Sync taxes from your accounting provider

To ensure your Unleashed taxes are mapped correctly with your accounting provider and will sync successfully, follow the below steps:

  1. From the main menu, go to Integration, Integration and select either Xero or Quickbooks, whichever you are integrated with.
  2. Go to the Configuration tab, and find the Setup your Xero/Quickbooks Taxes section.

  3. Click the AUTO SYNC TAX CODES button.


  4. Any tax rate that exists in your accounting provider will be imported to Unleashed's Taxes page, creating any that don't already exist.

Create taxes with your accounting provider

When integrated with Xero, Quickbooks or Access Financials, any new tax rate that needs to be added to Unleashed must be created in Xero, Quickbooks or Access Financials first, then synced to Unleashed. Taxes created in Unleashed do not export to create the new tax Xero or Quickbooks. 

To manually create new tax rates in Unleashed, see the below steps:

  1. From the main menu, go to Integration, Integration and select either Xero or Quickbooks, whichever you are integrated with.
  2. Go to the Configuration tab, and find the Setup your Xero/Quickbooks Taxes section.

  3. Select the "Let me manually do this" link, which will direct you to the Taxes page, also found under Settings, System, Taxes in Unleashed's main menu.

  4. In the top right of the Taxes page, select Add button (green). 

     

  5. An Add Tax window will display, where you should advise the new tax's:

    • Tax Description/Name

    • Tax Code
    • Tax rate (as a numerical value).
    • Sales Tax (tick as appropriate).
    • Purchase Tax (tick as appropriate).
    • Accounting Tax (use the dropdown to select the matching tax from your accounting provider).

      NOTE: Select either Sales Tax or Purchase Tax for each newly added tax.

  6. Click Add. 

Manage taxes with your accounting provider

The only changes that can be made to a tax that has been created in Unleashed is the Accounting Tax that has been allocated to it from your accounting provider. The Xero and Quickbooks integrations initially map taxes based on the matching tax type (Sales or Purchase) and tax rates provided. If you have multiple taxes with the same type and rates you can select which Accounting Tax applies to your Unleashed tax in via the Taxes page.

  1. From the main menu, go to Settings, Systems and select Taxes. 

  2. Use the Accounting Tax dropdown menu in the Taxes grid to map the accounting provider's tax to your matching Unleashed tax. 
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