Create tax codes

If tax authority collects sales tax, GST, VAT or similar. You should add default tax codes under Settings, then Tax Codes.

This means when new business in your country is created, the business will automatically get set of tax codes and don’t have to create them themselves.

Non-zero percentage tax codes require you to select Account. Do not leave this field empty.

Go to Chart of Accounts and create new liability account such as VAT payable, then select this account in your tax code under Account field.

You need to also create sample transaction for each tax code which would demonstrate how tax code is used. These sample transactions would not be copied over when creating new business.

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