Tax components define the specific elements (like state or city taxes) that contribute to an overall tax rate. These components are essential for creating comprehensive tax descriptions, ensuring that each aspect of the tax rate is accurately represented and applied.
View Setting
➡️ Profile Icon > Settings > Finance > Tax Components > View
Set Up Tax Components
➡️ Tax Components.
Add New Tax Component
Enter the Title of the tax component using the form on the left-hand side.
Click Save.
Managing Tax Components
Edit Tax Components
➡️ Edit > Amend > Save
Delete Tax Components
➡️ Delete > Type delete > Delete
Using Tax Components in Tax Descriptions
Set Up Tax Descriptions
When creating a tax description, navigate to Add Tax Rate within the Tax Description setup.
Incorporate Tax Components
Select from the tax components you’ve set up.
Assign values (percentages) to each component as needed.
Save the tax description to integrate the components and apply the desired tax rates accurately.