Add, edit or delete tax rates

This article gives an overview of tax management within Stock&Buy.

Add a new tax rate

Add your own tax rate if your organization needs more options than the default rates. Your tax rates can apply to sales, purchases, or both.

  1. On the Account page, click Tax settings.
  2. Click Add new tax rate.
  3. Enter a Tax rate display name
  4. Set the Tax rate type
  5. Add tax components
  6. Click Save & Close

Stock&Buy will automatically create all tax rates defined on your sale channels such as Shopify as sale orders get synced in.

Tax rate display name

The name identifies the tax rate in various parts of the system and on your transactions. It’s only shown within Stock&Buy. It doesn’t appear on your invoices, quotes, or other documents you send outside Stock&Buy.

Tax components

A tax component is a percentage rate applied to an item when you use the tax rate.

You can include as many components as you like in a tax rate. You can use the same component for both sales and purchase tax rates. If you have more than one component, any one of them can be a compound rate. Including a compound rate means the ‘effective tax rate’ is higher than the nominal rate. The effective tax rate is used to calculate the tax on a line item.

If you’re entering transactions that use a different tax rate for each line, you’ll see each tax rate and amount listed separately before the transaction total.

Edit a tax rate

  • The tax rate detail you can change depends on how Stock&Buy uses the tax rate and if it’s been used in transactions.
  • You can change the display name or the tax component description for all tax rates. Changes to a tax rate’s display name will apply to both existing and new transactions.
  • You can change the tax type
  • Changing the tax component percentage for tax rates will affect existing and new transactions

To edit a tax rate:

  1. On the Account page, click Tax settings.
  2. From the Tax rates table, click on a given tax rate to edit.
  3. Make your changes
  4. Click Save & Close

The tax edit dialog gives you the ability to map your tax rates defined within Stock&Buy and those defined within your accounting system such as Xero.

Delete a tax rate

  1. In the Account page, click Tax settings
  2. From the Tax rates table, click on a given tax rate to delete
  3. Click on Delete rate

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