Check this quick video to learn about setting up your tax.
How to set up Value Added Tax (VAT)
To set up VAT, follow the steps below:
- Select Taxes on the left menu, then select Set up VAT.
- Select your Start of Tax period.
- Select your tax Filing frequency for VAT.
- Select your Reporting Method (usually it'll be Accrual, unless you are a professional service provider. If in doubt, please consult your accountant).
- Enter your VAT No.
- Select Next, then select OK.
Once you have initialised the Tax Centre, you can now add custom tax rates, custom tax agencies (other than VAT and Service Tax) and group tax through the Add tax button. For more information on how to do this, refer to the following links: