To access your Tax Rates click on the Tax Rates button in the Inventory tab in Shopventory:
Create a Tax Rate
To create a new tax, simply click on the Create Tax Rate button at the top of the page, then enter in the name and percentage. Shopventory allows for up to five numbers after the decimal. Then select the locations to which the rate applies.
- Enabling a tax rate will make that tax rate available at the selected locations.
- You can always edit a tax rate by clicking on the name in the Tax Rates tab.
Value-Added Tax (VAT)
VAT (sometimes called GST) enables tax rates to be calculated as part of the prices of your Products. In other words, the prices of your Products will include taxes when VAT is selected. (This option is rarely used in the US).
Things to keep in mind:
- Taxes are enabled by default when creating an Product.
- Your point of sale provider has the final say when reporting taxes collected during sales.
- Tax totals on the Sales Report are reported by the point of sale provider on a sale-by-sale basis. The Sales Report shows what was actually collected.
- Once the Tax Rate is created you can Apply Tax Rates in Bulk
- Value-Added Tax (VAT) is rarely used in the US and not recommended for US users. Learn More