Difference between revisions of "Taxes"
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===Non-US Companies=== | ===Non-US Companies=== | ||
<div align="left" style="width: 95%; border-style: solid; border-width: thin; border-color: gray;"><table cellspacing="5"><td></td> <td>For standalone companies, please refer to the section above for tax settings. If your company is connected to QuickBooks Online, then taxes are set in QuickBooks and synchronized with HandiFox.</td></table></div> | <div align="left" style="width: 95%; border-style: solid; border-width: thin; border-color: gray;"><table cellspacing="5"><td></td> <td>For standalone companies, please refer to the section above for tax settings. If your company is connected to QuickBooks Online, then taxes are set in QuickBooks and synchronized with HandiFox.</td></table></div> | ||
− | In standalone Non-US companies, you can select the default tax for customers, the default sales tax for products, and the default purchase tax for products among your existing taxes | + | In standalone Non-US companies, you can select the default tax for customers, the default sales tax for products, and the default purchase tax for products among your existing taxes. |
− | <br>Regardless if you run HandiFox as standalone or with QuickBooks Online, you can set both sales and purchase tax in the settings of each item separately, | + | <br>Regardless if you run HandiFox as standalone or with QuickBooks Online,you can choose the default tax rate selection in the company settings. You can also set both sales and purchase tax in the settings of each item separately, and select a sales tax in the settings of each customer. |
{| | {| | ||
|[[File:HFO_Tax.png |thumb | right | 400px | Taxes in the New/Edit Item Screen]] | |[[File:HFO_Tax.png |thumb | right | 400px | Taxes in the New/Edit Item Screen]] |
Revision as of 02:33, 18 March 2022
Tax Settings
If you run HandiFox as a standalone system, you can review, add and change taxes you use in transactions by clicking Taxes on the Settings page. Otherwise, taxes are governed by your QuickBooks company settings.
To change an existing tax, click Edit in the corresponding row of the list.
To change the global default tax settings, click Here you can:
- For US companies: set if items and/or customers are taxable by default and choose the default tax for customers.
- For Non-US companies: select the default tax for customers, the default sales tax for products, and the default purchase tax for products among your existing taxes, and choose the default tax rate selection.
To make a tax inactive, click in the Action column, then click Make Inactive and click OK to confirm.
To list inactive taxes, click and mark the Include Inactive checkbox.
You can search taxes by their name using the search field on top.
Working with Taxes
US Companies
For standalone companies, please refer to the section above for tax settings. If your company is connected to QuickBooks Online, then taxes are set in QuickBooks and synchronized with HandiFox. |
If taxes are enabled (in HandiFox or in QuickBooks), then you are able to:
- Manually select the tax code in Sales Transactions.
- Set the default tax for a customer or define their tax exemption reason (the latter is available if your company is connected to QuickBooks Online).
- Manually define if the item in a sales transaction is taxable or not by checking/unchecking the Tax box.
- Define in the item's settings if it is taxable or not by default when added to a sales transaction.
Non-US Companies
For standalone companies, please refer to the section above for tax settings. If your company is connected to QuickBooks Online, then taxes are set in QuickBooks and synchronized with HandiFox. |
In standalone Non-US companies, you can select the default tax for customers, the default sales tax for products, and the default purchase tax for products among your existing taxes.
Regardless if you run HandiFox as standalone or with QuickBooks Online,you can choose the default tax rate selection in the company settings. You can also set both sales and purchase tax in the settings of each item separately, and select a sales tax in the settings of each customer.
In the settings of the item, you can define whether the item is inclusive or exclusive of tax by checking the Inclusive of tax or Inclusive of purchase tax boxes. Next, in the dropdown menus Tax and Purchase tax you can select among your existing taxes which would apply to the item by default. |
Depending on your company's default tax rate selection, you will see different items' rates and amounts in transactions. There are three available settings: Exclusive of tax, Inclusive of tax and Out of scope.
Here is a break down of how the items' rates are calculated:
Item Tax Setting | Default Tax Rate Selection | ||
---|---|---|---|
Exclusive of Tax | Inclusive of Tax | Out of Scope | |
Exclusive of Tax | price/cost | price/cost + tax | price/cost |
Inclusive of Tax | price/cost - tax | price/cost | price/cost - tax |
If your default tax rate selection is set to Out of Scope, then you won't be able to select taxes in transactions. Otherwise, you can use the Tax dropdown of each item to manually select among the existing taxes, thus influencing the Total and Tax Total of a transaction.