AccountingSuite is designed to be flexible and adaptable to the unique tax regulations of different countries. It offers customizable features that allow users to configure settings based on their specific need.

Follow these steps to ensure accurate tax accounting and full legislation compliance:

1. Identify the list of relevant taxes that apply according to local legislation, and enable the functionality of these taxes in the General Settings.
2. Create the required Taxes in the Taxes list.
3. Group the Taxes. Grouping the taxes is essential for maintaining the tax settings for the items in the next step.
4. Assign Tax groups to the Items. The advantage of this is that you can assign all the taxes that apply to the item in one click.
5. Maintain the Vendor Tax settings.

Once you have completed these steps, the taxes are automatically calculated in the sales and purchase documents.

Taxes (list) #

The Taxes list contains all of the taxes applicable as per local tax legislation requirements.

Create a Tax #

1. Navigate to Lists → Taxes
2. Click Create.
3. Enter the ID, Description and the Tax type. Tax types available are: VAT and WHT. If there is no required tax in the drop-down list, make sure that this tax is enabled under Admin Panel – General settings – Taxes.
4. Click Add to specify the tax rate and the dates applicable from… to… for this tax.
5. Select the Calculation base for the tax (Net Amount or Net Amount + VAT)
6. Enter the Agent, if applicable (selected from the Companies list).
7. Click Save.

Tax rates #

There may be several rates available for a single tax. The tax rates are stored in the tax.

Add a new Tax rate #

1. Navigate to Lists → Taxes.
2. Select tax to enter new rate for.
3. Specify the Description, Rate, Start and End date (if applicable).
4. Rates that have not yet started or have already expired will be displayed in grey when listed.
5. Click Save.

Tax groups #

Taxes that are applicable for in Item can be grouped into tax groups.

Create a Tax group #

1. Navigate to Lists → Tax groups
2. Click Create.
3. Enter Description.
4. Click Add to select the Taxes for this group.
5. Click Save.

Assign Tax group to an Item #

1. Navigate to Lists → Items
2. Open the Item.
3. On the Setup tab enter the Tax group.
4. Click Save and Close.
5. To assign Tax group to multiple Items, use Bulk attribute edit option.

Maintain Tax settings in Vendor #

1. Navigate to Lists → Companies and open the Vendor.
2. On the Financial tab, tick the taxes applicable to this Vendor.
3. Save. Now, only the applicable taxes will be calculated in the Puchase document from this Vendor.