Tax Management With Exatorial
This is a guide that helps you understand in detail how Exatorial's Tax Management feature works.
While Exatorial's Billing Extension is known for its payment capabilities, it offers much more. Let's delve into its robust Tax Management feature.
Creating Taxes
Exatorial allows you to set up individual and group taxes for your organization. This means that the taxes applied to the products or services we sell are configured according to the government's regulations, ensuring compliance and accurate billing.
Individual Taxes
Navigate to Settings and then to Billing.
Click "Create Tax."
Provide the tax name and rate (in percentage) in the pop-up box.
Click "Submit" to create the tax.
Repeat to create multiple individual taxes as needed.
Group Taxes
Follow the same initial steps, but select the "Group" option.
Enter the group tax name.
Select previously created individual taxes to include.
Click "Submit" to create the group tax.
You can create multiple group taxes as required.
Setting Up Tax Codes
Click "Create Tax Code" in the left sidebar. Tax code is a set of laws, rules, and regulations that dictate how taxes are collected, managed, and enforced by a governing body. It typically includes specific codes or numbers used to classify different types of taxes, such as sales tax, income tax, VAT (Value-Added Tax), etc.
You can get tax codes from https://www.billclap.com/hsn-code or any other government website.
Enter the details tax (select from your created taxes), code (a unique identifier), and description (for internal reference).
Click "Submit" to create the tax code.
Repeat the process to create additional tax codes.
These features allow for flexible and comprehensive Tax Management within the Exatorial Billing system, enabling you to adapt to various tax scenarios and requirements.