To access your Tax Rates click on the Tax Rates button in the Inventory tab in Thrive Inventory by Shopventory:
On this page:
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. Thrive Inventory 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).
Setting up tax rates for e-commerce
When it comes to your e-commerce channel, your tax rates must be managed directly in that particular sales channel. Thrive Inventory will not push rates out to your e-commerce channels or have any affect on the rate charged when someone checks out on your site (or a Shopify POS). This is especially true since taxes are dependent on location of buyer and their local tax rates.
Things to Note:
Taxes are enabled by default when creating a Product.
Tax rates created in Thrive Inventory are not pushed to e-commerce sales channels (those will have their own way of calculating taxes).
Dollar-amount tax rates are only compatible with Clover
Tax rates can be deleted directly in Thrive Inventory. Warning: this WILL affect your POS if the rate is syncing. Here's a video explanation 🎥 from the team with more detail.
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
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