As a business, you may or may not need to charge taxes (like HST, GST, VAT, ABN or more) on your products and services to report back to the government. If you need to charge taxes, you can add, update and delete them in a section of your account with these steps:
- Click on Settings
- Click on the Taxes sub-tab
From here, you can add Tax by doing the following:
- Enter the name of your sales Tax
- Then add the Rate
- If applicable, you can include the Government Tax Number/ID associated with it
- When you’re done adding your Tax(es), click on the Save button to finish.
There is no limit to how many taxes you can add into the system. These taxes can be added to Invoices on individual line Items and/or Tasks. The taxes you collect are deducted from your Profit and Loss Report (so you don’t overstate your income) and a Tax Summary Report can be generated stating how much you need to return to the government.