Configure product tax

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Configuring Tax for the product in your inventory. You can create a new tax for Inward or Outward and can change details of the already created tax.

 

Before you begin

If you plan on creating a new tax class, we recommend you to make sure that tax class is not already available, after creating a new tax class for the product. You must have to create tax subclass to activate your newly created tax class.

 

To Add Tax class to your inventory.

1. From the main Menu, click Product master > Tax.

2. Enter Name ( Enter Tax class name).

3. Select Tax Flow (whether Tax is Inward Tax or Outward Tax).

4. Click on Save button.

This way you can Add Tax class for a Product, but it would be activated after creation of tax subclass under this tax class.

Note: Taxes in Inward tax & Outward tax dropdowns displays based on Tax Flow field of the tax.

To Manage Tax class in your inventory

1. From the main Menu, click Product master > Tax.

2. Click on Search button.

3. Enter Tax Class name in the search box.

4. Select Tax Class from grid list.

5. Change Name ( Change name of the Tax class)

6. Change Tax Flow (whether Tax is Inward Tax or Outward Tax)

7. Select Status as Active (If status is Inactive then that tax class would be deactivated & won’t be available in tax field’s dropdown of product master page)

8. Click on Save button

 

 

To Configure Tax Sub Class

1. From the main Menu, click Product master > Tax.

2. Click on Search button

3. Select Tax from list

4. Click on Tax Sub Class button

5. Enter the Tax details

 

Tax field

Description

Tax ZoneSelect Tax Zone for the new tax (e.g. GST India)
Tax TypeSelect Tax Type for the new tax form selected tax zone (e.g. GST (Local Goods and Service Tax) or IGST (Integrated Goods and Service Tax)).
Tax SubClass NameThis field is used to give proper name for the tax subclass (e.g. 12% GST OUT).
Tax Inclusive Status Whether tax subclass is inclusive on product price or not.
Transaction AccountSelect right account ledger for tax subclass (e.g. 12% OUTPUT TAX)
Print SymbolEnter keyword to display for tax subclass.

Tax 1 AccountSelect right account ledger for tax 1 of the tax subclass (e.g. 6% OUTPUT SGST).
Tax 1 Display Rate (%) Enter value of the tax 1 rate you want to display in percentage(e.g. 6).
Tax 1 Calculate Rate (%)Enter value of the tax 1 rate you want to calculate from product price in percentage.
Tax 1 Prn SymbolEnter any keyword to print for the tax 1 of the tax subclass.
Same way can use tax 2 upto tax 5 for dividing on tax value in multiple groups (e.g. In GST dividing tax in to SGST & CGST groups).
Total TaxEnter value of total tax of subclass in percentage (e.g. 12).

 

6. Select Status as Active.

7. Click on Save button.


 

Once you saved tax sub class then product tax class is created successfully which would be available in tax field’s dropdown of the product master page.

 

KB WovvtechConfigure product tax